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Shiba Inu (SHIB) Now Largest Crypto Holding on Indian Crypto Exchange WazirX

Wed, 01/11/2023 - 13:00
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Tomiwabold Olajide
Shiba Inu top traded coin on WazirX
Shiba Inu (SHIB) Now Largest Crypto Holding on Indian Crypto Exchange WazirX
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Indian crypto exchange WazirX has released its Proof of Reserves (POR), showing a reserves-to-liability ratio of over 1:1. In a blog post, it made known its wallet addresses, list of exchanges and an independent Proof of Reserves report.

WazirX is India's largest crypto exchange by volume and, as of now, by reserves. In total, it has reserves worth $286 million.

WazirX reserves feature a significant quantity of Shiba Inu, making up 19.07% of the exchange's holdings. A total of 6.09 trillion SHIB tokens valued at $54.56 million sit in WazirX's reserve, which is the largest holding by the crypto exchange.

Proof of Reserves
Proof-of-Reserve, Wazirx, Courtesy: Coingabbar

This is followed by Ethereum and Bitcoin, which make up 8.28% and 9.38%, respectively, of the exchange's reserves.

It holds 1,356 BTC valued at $23.69 million and 20,057 ETH valued at $26.6 million. Dogecoin makes up 8.18% of the exchange reserves, with 303.31 million coins held. The amount of 30.03 million XRP also comprises 3.82% of the exchange's reserves.

In the wake of the FTX collapse following a significant liquidity crisis, several crypto exchanges published their proof of reserves (POR) in a bid to promote transparency.

Shiba Inu continues to gain popularity on the WazirX trading platform.

In its end-of-year report, WazirX indicated that 27% of first-time crypto buyers on the platform bought Shiba Inu, while men between the ages of 26 and 40 traded 50% of all SHIB tokens "moved" on the platform. Also, Shiba Inu was among the top tokens traded on the crypto exchange.

SHIB ranks as the 16th largest cryptocurrency, with a market cap of $4.9 billion, according to data from CoinMarketCap, and currently trades at $0.000009.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.