Shiba Inu has been gaining popularity since its emergence as a mere meme coin. A well-known cryptocurrency analyst has provided additional details regarding the exchange’s SHIB holdings over the previous 12 months, days after Crypto.com disclosed that it holds 20% of its reserve in Shiba Inu.
Ki Young Ju, the CEO of cryptocurrency analytics platform CryptoQuant, stated in a tweet that the amount of Shiba Inu tokens in Crypto.com’s reserve has decreased by 16% over the past 12 months.
Crypto.com’s Shiba Inu reserve value dropped by 88%
In a related development, the CEO of CryptoQuant revealed that the exchange’s Shiba Inu reserve had dropped 88% in value over the previous 12 months.
Ju’s chart indicates that Crypto.com still has SHIB worth $505 million. “Shiba Inu coin reserve is the second biggest, followed by Bitcoin. [SHIB reserve is worth] $505M as of today.”
Recall that cryptocurrency companies agreed that increased transparency was necessary in the market to win over investors after the FTX exchange’s demise. By publishing early audits demonstrating its proof-of-reserves, Crypto.com made a significant advancement in this direction.
Kris Marszalek, the CEO of Crypto.com, stated last week that the exchange has $3 billion in reserves overall and urged users to anticipate a fully audited proof-of-reserve of the exchange’s cryptocurrency holdings in the upcoming weeks.
The total value of the crypto assets in Crypto.com’s cold wallet has decreased from $3 billion to roughly $2.42 billion, according to Nansen data. Shiba Inu accounts for $302.5 million (32.9T SHIB) of the $2.42 billion in assets in Crypto.com’s cold wallet, or nearly 21% of the entire exchange’s reserve.
By dollar value, Bitcoin continues to be the exchange’s top holding, accounting for 31% of the total reserve. Tether (USDT) represents 5.36% of the market, while Ethereum (ETH) represents 15.33%.
A new announcement unveils yet another significant revelation: the updated concept art of the scenic dunes by the SHIB metaverse. The scenic dunes would act as a kind of oasis, creating a vast, shaped environment resembling an adventurous and contemporary location complete with glitzy buildings and cool waters.
The culmination of Shiba Inu’s history as a community will be virtually displayed in SHIB: The Metaverse, which was unveiled in March of this year.