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HomeCryptocurrencyBinance Now Holds 78.5 Trillion Shiba Inu (SHIB) on Behalf of Users

Binance Now Holds 78.5 Trillion Shiba Inu (SHIB) on Behalf of Users

The reserve ratio of Shiba Inu (SHIB) on Binance, the largest blockchain ecosystem and digital assets exchange by 24-hour trading volume is 102.36%. This figure tells that the exchange’s reserve contains extra assets to ensure zero liquidity crises.

Binance Update Proof of Reserve

Per the updated proof-of-reserve (PoR) published by Binance, the top exchange showed that SHIB tokens in its reserve are more than the total deposited tokens by customers. 

Whale Alert

The total deposited amount of Shiba Inu —Customer Net Balance — on Binance is 76,737,751,676,039.80 (~76.7 trillion SHIB), according to the exchange’s updated PoR sheet. 

Meanwhile, the exchange’s on-chain balance for SHIB reads 78,546,133,520,601.40 (~78.5 trillion) tokens. Hence, the SHIB reserve ratio on Binance is 102.36%. 

This justifies the exchange’s claim that user funds are always collateralized at a 1:1 ratio, plus additional reserves. It goes further to imply that users’ funds are safe and can be withdrawn at any time as Binance reveals excess liquidity. 

It bears noting that the exchange updated its proof of reserve system on Tuesday to support 11 new altcoins including MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE.

This takes the total number of assets on the top exchange PoR system to 24. With this hefty addition, Binance’s reserves read over $63 billion in assets. 

Shiba Inu Ecosystem Expanding 

The decentralized meme token ecosystem continues to expand with support from several crypto proponents and trusted entities including Binance. Recall, the exchange added SHIB to its PoR system in early February. 

Notably, the highly-anticipated Shiba Inu layer-2 scaling solution, Shibarium is set for Public Beta, as disclosed by the team. The SHIB network is expected to record better performance and increased scalability. 

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This news has seen an increased interest in the token with the short-term sentiment likely being bullish. Shiba Inu is up 5.56% at the time of writing.


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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.
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