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Binance, the leading cryptocurrency exchange by trading volume, recently released its proof of reserves. Notably, meme cryptocurrency Shiba Inu remains among its largest holdings. However, there has been a notable drop in the exchange's $SHIB holdings during this summer.
At the start of June, Binance's net $SHIB balances stood at 62.96 trillion tokens. Now, they stand at 62.79 trillion. This represents a 0.27% drop over the past month.
While the drop is insignificant, a clear pattern has emerged. At the start of June, Binance held roughly 64.8 trillion worth of $SHIB tokens. In two months, the exchange's $SHIB reserves have dropped by roughly 3%, which is a rather substantial number of tokens.
According to CoinMarketCap data, $SHIB/USDT is the 25th most traded pair on the Binance exchange with $85 million worth of daily volume.
What about other assets?
Binance's Bitcoin assets currently stand at 613,471 after experiencing a 1.29% increase over the past month.
For comparison, the exchange's Ethereum assets have actually decreased by 0.21% over the same period of time.
Binance started publishing proof-of-reserves reports back in November 2022 to ensure liquidity transparency.
The exchange publishes such reports on a monthly basis to prove that it holds enough assets in custody to cover its customers 1:1.
It is worth noting that Binance's corporate holdings are not included in such reports.
Users can also verify the availability of their own assets on the platform by generating a Merkle hash.