Binance’s Declining SHIB Holdings Raises Red Flags!
The crypto market is trying to recover from the recent downturn. In the midst of these difficult times, the largest crypto exchange Binance has released a confirmation of their backup report. The report showed a 0.27% decline in Shiba Inu holdings. This may seem like a minor setback, but it has investors and meme coin fans worried. Shiba's army is definitely not happy seeing this.
A significant reduction in SHIB reserves
As of June, Binance had 62.96 trillion Shiba Innu tokens in their reserves. Now, this is down to 62.79 trillion tokens. Although the 0.27% decrease may seem small, it is part of a larger trend. In June, Binance held about 64.8 trillion SHIB tokens. Therefore, in two months, the stock of SHIB decreased by 3%. This drop is important and cannot be ignored.
Reports are shared with other cryptos. Although Shiba Inu holdings have decreased, Binance's Bitcoin reserves have increased by 1.29% in the past month, which now stands at 613,471 BTC. On the other hand, Ethereum holdings decreased by 0.21%. These changes come from confirmation of Binance's monthly backup reports. Binance has started publishing their backup report in November 2022 to ensure users that their assets are safe.
SHIB-USDT trade volume
According to CoinMarketCap, the SHIB/USDT trading pair is the 25th most traded pair on Binance. Daily trading volume is $85 million. This shows the popularity of SHIB. The drop in SHIB holdings on Binance may reflect broader market changes, however, the crypto market is known for its ups and downs. These changes are important indicators for investors as it reminds them that even popular tokens like SHIB cannot escape market movements.
Binance's verification of backup reports demonstrates its commitment to transparency and trust. By publishing these reports, Binance allows users to verify their assets on the platform, which builds trust in its operations.
in the future?
With SHIB trading at $0.00001368, up nearly 7% since yesterday, the question is: What's next for SHIB? The drop in Binance's SHIB holdings is a clear sign that the crypto market is unpredictable. Investors should be vigilant and monitor these trends closely.
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