© Reuters.
Binance, a leading cryptocurrency exchange platform, is currently holding $601.57 million or 77.48 trillion SHIB in custody, an amount that exceeds the 1:1 ratio by 300 basis points, per the findings of a self-audit conducted on November 1. This information was recorded at block height 814748.
SHIB, a digital token, has been experiencing a fluctuating market recently. The token has seen nearly 5% gains over the past week, yet also suffered a 3.48% loss in value recently. At present, SHIB is testing price support at $0.000008 per token.
Binance’s holdings account for 13.15% of SHIB’s circulating supply across various addresses. The exchange handles $50 million in daily SHIB trades, which represents 23% of its daily volume.
The ability of Binance to fulfill customer withdrawals is crucial for the SHIB ecosystem, given that SHIB can be self-custodied on Ethereum-compatible wallets. The significant amount of SHIB held by Binance underscores the exchange’s influence and importance within the SHIB ecosystem.
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