According to the shared data, 5 major Bitcoin exchanges are investing in a meme coin project. While the exchanges announced the assets they hold in their reserves, the increase in the number of a meme token drew attention. Accordingly, KuCoin, Huobi, Bybit, Crypto.com and Binance have large Shiba Inu (SHIB) reserves. The aforementioned data comes after the CEO of Binance took action to ensure transparency with Proof-of-Reserves.
Biggest Bitcoin exchanges are holding this meme coin project
After the sudden collapse of FTX, Bitcoin exchanges took action. The world’s largest cryptocurrency exchanges have switched to a new mechanism called Proof-of-Reserves to provide more transparency to their crypto assets. Accordingly, companies explain the types and amount of tokens they hold. Most exchanges that published their reserves showed that they were investing in a meme coin built on the Ethereum network. This is Shiba Inu (SHIB), an ERC-20 token inspired by Dogecoin.
20 percent of Crypto.com reserves are made up of SHIB
Crypto.com, which has over 50 million users as of May 2022, is among the exchanges holding the Shiba Inu. SHIB accounts for 20% of the entire reserve of the leading Bitcoin exchange. This means that the firm holds $2.8 billion worth of meme tokens. Crypto.com, a Singapore-based cryptocurrency exchange, has such a high meme coin holding the attention of investors. As we have reported as Kriptokoin.com, SHIB is the second largest meme coin in the world. Accordingly, the entity has a very loyal community.
Binance has 87 trillion Shiba Inu reserves
Binance, which gained many new users especially with the FTX collapse, has a large Shiba Inu reserve. According to the data shared by the exchange, Binance holds around 87 trillion SHIB in its reserve. In other words, the world’s largest cryptocurrency exchange has 816 million dollars worth of SHIB. But it’s important to know that the data only takes into account users holding over $100,000 in meme tokens. Probably the actual amount on Binance is well over 817 million. Because the data does not include small investors.
KuCoin, Bybit, and Huobi are also on the list
A recent report shows that the four wallets on the KuCoin exchange hold a total of 4.43 trillion SHIB. Accordingly, the stock market currently has $ 41.10 million worth of meme coins. In Bybit, another Bitcoin exchange, two wallets hold 366.68 billion Shiba Inu. At the time of writing, Bybit’s SHIB reserve is worth $3.39 million. Finally, it hosts a $17.16 million SHIB on Huobi, an Asian-based crypto exchange. Accordingly, Huobi holds 1.85 trillion tokens.
Ethereum founder criticizes exchanges’ Shiba Inu (SHIB) reserves
Ethereum founder Vitalik Buterin was particularly critical of Crypto.com. Buterin said he finds it impressive that 20% of the exchange’s all reserves are made up of SHIB. But after that, he stated that he “doesn’t understand the psychology of someone holding $10 million in SHIB.” These statements sparked outrage in the Shiba Inu community. Several top SHIB holders criticized the Ethereum founder for his comments.
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