Binance, the largest cryptocurrency exchange by volume, updated its monthly Proof of Reserves with the company’s self-reported audit on November 1. Notably, Binance customers have $601.57 million in Shiba Inu (SHIB) under its custody.
The total amount of Shiba Inu held by Binance’s reserves is 77.48 trillion SHIB, of which 75.19 trillion is from the customers’ net balance. Essentially, this means that a 103% ratio covers SHIB’s custody. It is 300 basis points higher than the 1:1 needed ratio.
Moreover, the centralized exchange also registers its proof of reserves by the Bitcoin (BTC) blockchain. With that, it is possible to reach worldwide time precision through the leading cryptocurrency’s timechain. In November, the self-audit took place in the Bitcoin block height 814748.
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SHIB price analysis
Meanwhile, SHIB is trading at $0.000008 per token by press time. Shiba Inu is moving in a weekly bullish uptrend with close to 5% accumulated gains in the last seven days.
However, SHIB is now testing price support. A breakout from this zone could lead to increased losses from the 3.48% that was already lost in the last 24 hours.
Binance is the largest SHIB holder
Interestingly, Binance is the largest holding entity for SHIB tokens. The reported reserves accrue for 13.15% of Shiba Inu’s circulating supply, split into different addresses.
Additionally, the exchange is responsible for 23% of SHIB’s daily volume, according to data from CoinMarketCap at the time of publication. In the last 24 hours, Binance alone has exchanged more than $50 million in Shiba Inu trading operations.
In this context, the ability of Binance to honor its customer’s withdrawals is of great importance to the SHIB ecosystem. Shiba Inu can also be held in self-custody on cryptocurrency wallets with support to the Ethereum (ETH) network.
