Shiba Inu: Binance Reveals How Many SHIB Tokens It Holds

Vignesh Karunanidhi
Shiba Inu May End Price Prediction: Can SHIB Reclaim $0.00003?

Binance has released its latest Proof-of-Reserve (PoR) report for March 2024. The report highlights the exchange’s holdings of various cryptocurrencies, including 67.67 trillion Shiba Inu (SHIB) tokens.

The PoR report, which was conducted through an audit on April 1, 2024, at 00:00 (UTC), shows that Binance holds billions of dollars’ worth of cryptocurrencies, with Shiba Inu being a notable holding by the exchange.

Also read: Cryptocurrency: 3 Coins You Should Buy For The Bull Run

Binance’s Shiba Inu Holdings Exceed User Deposits

The report shows that Binance’s Shiba Inu reserve exceeds users’ deposits by 3.59%. According to the data, Binance customers’ net balance stands at 65,321,321,452,095.36 (65.32 trillion) SHIB tokens, while the exchange boasts a reserve of 67,670,462,296,521 (67.67 trillion) SHIB.

This suggests that Binance backs its users’ Shiba Inu deposits at a ratio of 103.60%. With SHIB currently trading at $0.00002752, the value of users’ Shiba Inu deposits on Binance amounts to $1.89 billion, while the exchange’s SHIB balance is valued at $1.96 billion.

Compared to the previous report from February 1, both Binance and its customers’ net balances have experienced a slight decrease. At that time, Binance held a net balance of 69.4 trillion SHIB with a collateralization ratio of 103.6%.

Also read: Ripple (XRP) Forecasted To Hit $1.2: Here’s When

In addition to Shiba Inu, the latest PoR report also highlights Binance’s strong collateralization ratios for other top cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). The report indicates that the collateralization ratio for these assets stands at 104.46% and 103.58%, respectively.

Binance users collectively hold 568,788.919 BTC, worth $41.09 billion, while the exchange maintains a net balance of 594,136.021 BTC, valued at $42.92 billion. Likewise, users have 4,446,480.486 ETH ($16.04 billion) in deposits, while Binance holds a balance of 4,605,595.896 ETH ($16.61 billion).

Also read: Cardano Founder Unveils Major Upgrade: Can ADA Hit $3.10?