Bybit Reveals 2.94T Shiba Inu Holdings as SHIB Shows Bullish Trends

Quick Highlights

• Bybit holds 2.94 trillion SHIB tokens, reinforcing its significant position in Shiba Inu.
• Major exchanges like Binance and Robinhood also accumulate SHIB, signaling institutional confidence.
• SHIB’s ecosystem upgrades and bullish technical patterns suggest strong growth potential.

Bybit Discloses 2.94 Trillion Shiba Inu Holdings as SHIB Shows Bullish Signals

Bybit has disclosed substantial Shiba Inu token holdings in its latest proof-of-reserve audit. In its 25th audit series, the cryptocurrency exchange revealed ownership of 2.94 trillion SHIB tokens.

The holdings position Shiba Inu as one of Bybit’s most significant digital assets. Notably, SHIB tokens frequently appear in user portfolios across the platform. The development arrives as the wider cryptocurrency sector continues to exhibit sharp changes in institutional ownership.

Audit information shows that Bitcoin reserves grew by 5.6% to 58,954 BTC over three weeks. Holdings climbed 6.5% to 604,131 ETH. USDT reserves decreased by 4.7%, indicating that investors are moving capital from stablecoins into volatile cryptocurrencies.

It is worth noting that approximately 40% of Shiba Inu’s total supply has been permanently removed through burning mechanisms. 

Major Exchanges Accumulate SHIB Tokens

Bybit joins a growing list of major platforms holding significant Shiba Inu reserves. Binance has emerged as one of the top 10 SHIB holders with roughly 60 trillion tokens stored in exchange wallets. Robinhood, on the other hand, holds approximately 39 trillion SHIB tokens in its custody. 

These massive accumulations suggest institutional confidence in Shiba Inu’s market potential. Exchange holdings are usually a sign of strong user demand and trading activity for specific cryptocurrencies.

The widespread adoption across multiple platforms suggests SHIB has positioned itself beyond its original meme coin status. Blockchain data confirms the token’s presence across numerous trading platforms globally. This distribution pattern indicates SHIB has achieved meaningful market penetration.

Ecosystem Developments Drive Growth Prospects

Shiba Inu’s development team has recently announced several ecosystem upgrades. The Torii Gateway project now supports more than 1500 tokens on over 60 blockchain networks. It is planned to expand to non-EVM chains such as Tron and Solana.

Shiba Inu also released a major update to its Shibarium developer hub to improve infrastructure. The update includes detailed guides for setting up validator nodes and developing on Shibarium.

Technical analysis indicates SHIB may be forming an Inverse Head and Shoulders pattern. According to crypto analyst Javon Marks, a potential price target of $0.000081, representing a 540% increase from current levels, is expected.

At the time of writing, Shiba Inu is trading at around $0.00001315, suggesting a 1.91% increase in the last 24 hours.