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

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Author: Scott Matherson

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