Whales hold a staggering amount of Shiba Inu despite recent Bearish market

Whales hold a staggering amount of Shiba Inu despite recent Bearish market

Shiba Inu is part of the top 10 assets the whales hold and it has been for the past year.The total SHIB holdings of the 100 largest whales on Ethereum chain have remained on the same level for nearly two weeks, in spite of the recent price volatility.Moreover three more cryptocurrency exchanges disclose the number of Shiba Inu in their reserves.Interestingly, most crypto exchanges that have published their proof of reserves hold a significant amount of Shiba Inu (SHIB).

Similarly, Binance also disclosed that it holds 87T units of Shiba Inu tokens in its reserve.KuCoin has also published details of its proof of reserve.In a recent CMC report, KuCoin’s reserve shows that the leading cryptocurrency exchange holds a total of 4.43T SHIB in four wallet addresses. Huobi another cryptocurrency exchange with a significant amount of Shiba Inu tokens in its reserve. As Per CMC data, Huobi holds 1.85T units of SHIB.According to CMC data, the leading cryptocurrency bybit exchange holds its SHIB reserve in two wallets totaling 366.68B tokens.

What is Shiba Inu?

Shiba Inu is a cryptocurrency that was created in 2020 by a mysterious person who calls themselves Ryoshi. The name ‘Shiba Inu’ was stolen from the fluffy dog that was the subject of many memes at the time.The coin started as a joke it was meant as a kind of parody of Dogecoin, which was rising fast in both price and popularity despite having little use in the real world. In fact, Shiba Inu called itself a “Dogecoin killer.”

Shiba Inu runs on the Ethereum blockchain, and while each token or coin is worth just a fraction of a cent, the price went wild in 2021 turning a few early investors into millionaires. While prices have gone back down from whence they came, it still remains one of the most popular cryptos.The Shiba Inu development team is currently busy working on two major projects: SHIB Metaverse and the much-awaited Layer 2 protocol, Shibarium.

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