Binance’s Shiba Inu (SHIB) Balances Continue to Drop

Binance, the leading cryptocurrency exchange by trading volume, recently released its proof of reserves. Notably, meme cryptocurrency Shiba Inu remains among its largest holdings. However, there has been a notable drop in the exchange’s SHIB holdings during this summer.

At the start of June, Binance’s net SHIB balances stood at 62.96 trillion tokens. Now, they stand at 62.79 trillion. This represents a 0.27% drop over the past month.

While the drop is insignificant, a clear pattern has emerged. At the start of June, Binance held roughly 64.8 trillion worth of SHIB tokens. In two months, the exchange’s SHIB reserves have dropped by roughly 3%, which is a rather substantial number of tokens.

According to CoinMarketCap data, SHIB/USDT is the 25th most traded pair on the Binance exchange with $85 million worth of daily volume.

What about other assets?

Binance’s Bitcoin assets currently stand at 613,471 after experiencing a 1.29% increase over the past month.

For comparison, the exchange’s Ethereum assets have actually decreased by 0.21% over the same period of time.

Binance started publishing proof-of-reserves reports back in November 2022 to ensure liquidity transparency.

The exchange publishes such reports on a monthly basis to prove that it holds enough assets in custody to cover its customers 1:1.

It is worth noting that Binance’s corporate holdings are not included in such reports.

Users can also verify the availability of their own assets on the platform by generating a Merkle hash.

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