Binance has moved over 419.49 Billion Shiba Inu (SHIB).
Binance, the world’s biggest exchange in terms of daily volume, recently transferred a whopping 419,497,861,322 (419.49B) SHIB, worth $3,825,820 ($3.82M) between its wallets in one significant transaction executed about 2 hours and 30 minutes ago from press time, Etherscan.io reports
The transfer is most likely executed as part of the proof-of-reserves audit that Binance initiated recently to safeguard retail traders and businesses from mishandling user funds by the exchange. The Proof of Reserves (PoR) enables users to verify that the exchange holds users’ deposits in full and has absolute asset backing while meeting transparency standards, making it difficult for exchanges to engage in questionable or illegal financial activity.
As reported earlier by TheCryptoBasic, Binance holds over 87 trillion SHIB, worth nearly a billion dollars, in seven separate wallets. In contrast, the major Singapore-based exchange, Crypto.com, holds about $558 million worth of Shiba Inu in its reserves.
Following Crypto.com and Binance, the leading Seychelles-based exchange KuCoin, Huobi, and ByBit also disclosed their Proof of Reserves to provide transparency. As per The Crypto Basic research, KuCoin holds a whopping 4,438,701,419,929 (4.43T) SHIB, Huobi holds 1.85 Trillion SHIB, and ByBit holds 366 Billion Shiba Inu in its reserves.
The aforementioned gigantic transfer doesn’t impact Shiba Inu’s price. As of writing, Shiba Inu is trading at the price of $0.000009099, down -2.24% over the last day, with a 24-hour trading volume of $117,676,738 ($117.67M).
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Source: https://thecryptobasic.com/2022/12/07/419-billion-shiba-inu-on-the-move-by-binance/?utm_source=rss&utm_medium=rss&utm_campaign=419-billion-shiba-inu-on-the-move-by-binance