Shiba Inus (quotation SHIB) was revealed to be the second largest participation of Crypto.com users. The cryptocurrency exchange, which is a leading trading venue for retail cryptocurrency investors, has shared new details about its reserve showing that SHIB makes up 20% of user funds held on the exchange.
The exchange will disclose a more detailed verified breakdown
The value of SHIB held by the exchange amounts to approximately $540 million of the more than $2,7 billion worth of tokens held by Crypto.com, according to the Nansen dashboard put together by the exchange. Bitcoin (BTC) came in as the exchange's largest reserve asset with 31,19%, while Ether (ETH) came in third place with 16,97% of the exchange's reserves.
In a tweet, Crypto.com CEO Kris Marszalek said the exchange will disclose a more detailed verified breakdown of its reserve that will confirm full 1:1 support of client assets.
“Please expect a fully verified Proof of Reserves from us in the next two weeks, confirming 1:1 full reserve of all client assets,” he wrote.
The revelation comes after the exchange promised users more transparency following the bankruptcy of FTX. Marszalek also assured users that Crypto.com's exposure to FTX was less than $10 million – a figure he considers "very small compared to our global revenues which have exceeded $XNUMX billion for two consecutive years."
In a similar move, the largest exchange by trading volume Binance has also released the addresses of its cold wallets. Binance CEO Changpeng Zhao advised market participants on signs of trouble to watch out for in cryptocurrency companies.
How much can SHIB go up with such strong investor confidence?
Crypto.com's revelation of SHIB's huge reserves did not prove good for the Ethereum-based Dogecoin competitor. According to data from CoinMarketCap, the price of SHIB is down 3% in the past 24 hours and is currently trading at around $0,0000096.
This price represents a decline of about 89,1% from the all-time high of $0,000087 reached more than a year ago in October 2021. However, SHIB supporters have remained confident in the long-term potential of the token to exceed the price of 1 dollar and even reach 5 dollars.
This is due to the rapid evolution of the Shiba Inu ecosystem, which includes a highly anticipated metaverse, growing adoption as an accepted payment method, and token fires that are reducing the circulating supply of the token.
