Binance, the world’s largest crypto exchange, is now holder the largest Shiba Inu (SHIB). According to data from the Etherscan website, the exchange holds 83 trillion SHIB tokens with an estimated valuation of US$738.54 million or Rp.11.49 trillion.
Binance became the largest holder of SHIB after the exchange made a US$1 billion acquisition of bankrupt crypto firm Voyager Digital.
Digital Voyagers holds US$579 million worth of assets, with the majority of assets consisting of Ether (ETH) and USD Coin (USDC). The firm also holds US$81.7 million worth of SHIB tokens, making it the third largest asset store in terms of cash value in the Voyager Digital wallet.
Binance Holds Many Shiba Inu
Etherscan reports Binance’s SHIB backlog of 83 trillion tokens, but CoinMarketCap provides data on over 87 trillion tokens with an equivalent value of US$765.3 million.
Binance experienced a massive withdrawal of customer funds following the bankruptcy of the FTX crypto exchange made by Sam Bankman-Fried, which is currently undergoing an investigation process.
Despite customers pouring out of Binance in droves, the exchange continues to operate as normal and shows no signs of a liquidity crunch.
The popularity of the Shiba Inu is unmatched by a fan community called the SHIB Army. Nevertheless, the price of SHIB has suffered an unlucky fate over the past year.
At the same time, SHIB has a variety of updates that have the potential to push memecoins it was again reaching its former glory.
Teacher Watcher report, solution layer-2 Shibarium is entering its final stages of development. The network is expected to launch in the first quarter of 2023.
Apart from Shibarium, the Shiba Inu team is also working on two additional tokens for the ecosystem, namely stablecoins named SHI and token rewards named TREATS. However, there is no definite launch date for the two new tokens yet.
Burn rate SHIB also experienced a big spike over the last two days and reached 1,395 percent.
On Monday (09/01/2023), the price of SHIB strengthened as a positive reaction to the monetary policy set by the US Federal Reserve.
Bitcoin (BTC) is leading the rally in the crypto asset sector but the move could be bull trap to become a trap for investors who behave bullish too hasty.
Macroeconomic conditions remain unclear and the risky asset class is not seen as receiving heavy buying pressure anytime soon.
SHIB is trading at US$0.0000087, an increase of 4.2 percent in the last 24 hours. [ed]