Binance Proof of Reserve Report Shows a Drop of 0.27% in Shiba Inu Holdings

The crypto market is trying to recover from the recent decline. Amidst these hard times, the biggest crypto exchange Binance has released their proof

Cryptocurrency exchange Binance has released its latest proof of reserves report, revealing a 0.27% decrease in Shiba Inu (SHIB) holdings.

According to the report, Binance held 62.79 trillion SHIB tokens in October, compared to 62.96 trillion tokens reported in June. This marks a decline of 0.27% in SHIB reserves over the four-month period.

The report also includes updates on other cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). Binance's BTC reserves increased by 1.29% last month, reaching 613,471 BTC, while ETH holdings decreased by 0.21%.

Binance began publishing its proof of reserves report in November 2022 to assure users that their assets are held safely and to provide transparency into its operations.

The report covers seven days of activity, ending on October 24 at 23:59 UTC, and includes snapshots of user liabilities and exchange cold wallet holdings.

The SHIB/USDT trading pair is currently ranked 25th among all pairs on Binance in terms of 24-hour trading volume, with $85,097,994 in trades, according to CoinMarketCap.

The drop in SHIB holdings at Binance could be an indication of broader market shifts, as cryptocurrencies are known to experience price fluctuations and varying demand.

These changes serve as important indicators for investors, highlighting the dynamic nature of the crypto market, where even popular tokens like SHIB are subject to market movements.

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