Bybit Exchange Unveils Massive Shiba Inu Balances In The Trillions As Price Tanks

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Bybit crypto exchange has released its latest proof of reserve, which revealed its significant Shiba Inu holdings. This comes at a time when the top meme coin is struggling to sustain an uptrend, although Bybit’s holdings indicate that investors are still very much interested in the coin. 

Bybit Reveals 2.9 Trillion Shiba Inu Holdings 

The exchange’s proof of reserve data shows that it holds just over 2.943 trillion Shiba Inu tokens ($37 million). This is based on a snapshot Bybit took on August 14. These holdings typically represent the amount of coins that the exchange is holding on behalf of its customers, indicating a significant demand for the meme coin on the exchange. 

Etherscan data also shows that there is significant demand for Shiba Inu on other exchanges. Robinhood is currently the third-largest SHIB holder, with 39.27 trillion tokens, which accounts for 3.9% of the meme coin’s total supply. Three Binance wallets make up part of the top 10 SHIB holders and cumulatively hold over 58 trillion tokens. 

Notably, a Crypto.com wallet holds 5 trillion Shiba Inu tokens, which accounts for almost 3% of the token’s total supply. Other crypto exchanges such as Gate, Kraken, Kucoin, CoinDCX, and Bitpanda also boast significant SHIB holdings, underscoring the massive demand for the top meme coin across several platforms. 

This demand is more bullish, considering that Shiba Inu’s supply continues to shrink. Further data from Etherscan shows that a burn wallet holds 410 trillion SHIB tokens, which is just over 41% of the meme coin’s total supply. This amounts to tokens that have been permanently removed from circulation. The SHIB team and community continue to carry out token burns daily, a move that could reflect positively on the meme coin’s price as demand increases. 

SHIB Price In The Red At The Moment

Bybit’s revelation of its Shiba Inu reserve comes at a time when the SHIB price is tanking. The top meme coin is down over 8% in the last seven days and only saw a brief rebound yesterday alongside the broader crypto market. Investors look to be sitting on their hands as they await Jerome Powell’s speech at the Jackson Hole conference. 

This is also evident in the drop in Shiba Inu’s derivatives trading activity. CoinGlass data shows that trading volume is down 10% to $159 million. Open interest is also down over 5% to $180 million. However, a positive is the fact that most traders are still long on the meme coin. The current long/short ratio is at 1.181. 

At the time of writing, the Shiba Inu price is trading at around $0.00001261, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Getty Images, chart from Tradingview.com

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