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Binance May Have Earned $21 Million on Shiba Inu and Sold 1 Trillion SHIB

Wed, 12/14/2022 - 16:09
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Gamza Khanzadaev
Binance's holdings in Shiba Inu (SHIB) noticeably change in size
Binance May Have Earned $21 Million on Shiba Inu and Sold 1 Trillion SHIB
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Unexpected changes have occurred on the SHIB reserves of major cryptocurrency exchange Binance, as reported on CoinMarketCap. Three weeks after the exchange published its proof-of-reserves holdings in the Shiba Inu token, which previously stood at 59.3 trillion SHIB, have decreased by 1 trillion tokens, the equivalent of $9.2 million.

To date, Binance's reserves in SHIB stand at 55.93 trillion tokens and are equivalent to $512.52 million at the current SHIB price of $0.0000092.

SHIB Trading Volume Jumps 28% as New Shibarium Hint Emerges

What is interesting is that the value of Binance's holdings in SHIB is currently up by almost $11 million, even at 1 trillion tokens less than it was three weeks ago. If you add in the trillion SHIB sold, it turns out that the black-and-yellow crypto giant made over $20 million on Shiba Inu in three weeks.

Trillions of SHIB Wired to Sell as Burn Rate Goes Down 95%

How do traders deal with SHIB?

During the period under review, not only Binance but also other minority holders of the token trimmed their holdings and profits in SHIB. Thus, as reported by U.Today, the number of token holders fell by 2.3% in the last week of November but then rebounded by 0.7% to 1.26 million addresses as December progressed.

7.736 Trillion SHIB Settle in These Wallets as This New Milestone Is Hit

At the same time, the price of SHIB rose at first, but then it failed to break through the upper boundary of the price corridor at $0.0000095 and fell back to the lows where investors started to buy it back.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.