Meme Token SHIB Is holding 20% Of Its Reserves In Crypto.com
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Crypto exchange Crypto.com has revealed that it holds 20% of its reserves in Shiba Inu (SHIB) tokens, a meme digital currency. According to Nansen's blockchain research, Crypto.com holds the greatest share (31%) of its digital assets in Bitcoin, followed by Shiba Inu (SHIB) at 20%.
Crypto.com has about $570 million in Ethereum-based meme coins in addition to Ethereum, which comprises about 17% of the firm’s holdings. The Tether (USDT) and USDC stablecoins are each worth around 5% of Crypto.com's reserves, in addition to numerous other cryptocurrencies and tokens worth around 20% in total.
Nansen gathered the exchange’s wallet addresses into a single dashboard and revealed the exchange’s reserves. Crypto.com CEO Kris Marszalek confirmed the data on the dashboard in a tweet, saying that the exchange would provide more details on its complete holdings in the next couple of weeks in addition to the information on the dashboard.
FTX, one of the biggest and most prominent cryptocurrency exchanges, went bankrupt this week after experiencing a significant liquidity crisis, resulting in the White House calling for increased regulation of the industry. On the FTX platform, customers may potentially have billions of dollars’ worth of inaccessible assets as a result of the FTX bankruptcy.
SHIB is the 14th-biggest cryptocurrency in the world, with a market capitalization of $5.7 billion, according to CoinGecko data. Unlike Dogecoin, the original “meme coin” that gained greater popularity and notoriety as Elon Musk latched onto it, SHIB runs on the Ethereum network and is an ERC-20 token.
A meme coin is a cryptocurrency or token inspired by internet memes. Their prices can rise and fall dramatically, and they usually lack significant functional utility. SHIB changes rapidly in price and is currently worth $0.000009774634 per token—88.6% less than its all-time high. In 2021, its market cap briefly exceeded $41 billion, placing it ahead of many firms in the S&P 500.