Binance’s publicly disclosed wallets hold large amounts of Shiba Inu (SHIB)

By Selena 03/28/23 3:53 PM

According to Nansen, crypto exchange Binance has more than $63.3 billion ($63,350,618,865.88) in publicly disclosed wallets. A significant portion of its net worth comprises $19 billion in USDT, $14.5 billion in BTC, $7.5 billion in ETH, $7.1 billion in BUSD, and $3.2 billion in BNB. Other cryptocurrency assets make up 18.79% of Binance’s net worth or assets, including Shiba Inu (SHIB).

On the other hand, Nansen clarifies that the assets or net worth described above correspond to the value of token holdings in the exchange’s wallet addresses on the blockchains it supports. As a result, it may not be an extensive or comprehensive portrayal of the exchange’s actual assets or reserves held on behalf of its users or clients.

Binance holds $63.2+ billion in their publicly disclosed wallets, including:

$19B in $USDT
$14.5B in $BTC
$7.5B in $ETH
$7.1B in $BUSD
$3.2B in $BNB
And others

You can track their holdings and transactions here: https://t.co/AkZDPyxbiN pic.twitter.com/PWrTYzeKsM

— Nansen Portfolio (@nansenportfolio) March 28, 2023

According to Nansen’s analysis of the Binance portfolio, over 86 trillion Shiba Inu (SHIB) is stored in multiple wallet addresses. The breakdown is provided below; for clarity, only the initials of the wallets are recorded. “0x5a52” wallet contains 46,926,053,923,695 SHIB valued $484,746,137.03. “0xf977” wallet contains 30,555,635,413,417 worth $315,639,713. Wallet “0x47ac” has 7,390,000,000,000 worth $76,338,700.

In addition, the “0x28c6” wallet has 735,122,523,454 SHIB valued at $7,593,815.67. “0xdfd5” wallet contains 288,315,943,377 SHIB valued at $2,978,303. Wallet “0x21a3” has 250,473,529,380 SHIB, which is worth $2,587,391. The wallet “0xf977..41acec” has 200,000,000,000 SHIB worth $2,066,000.00.

The long list continues as follows: wallet “0x8894” holds 99,393,937,976 SHIB valued at $1,026,739; wallet “0xdccf” holds 15,852,159,335 SHIB valued at $163,752; and wallet “0x9696” holds 115,149,189 SHIB priced at $1,189. Wallet “0x4976” has 16,089,143 SHIB, which is worth $166. The wallet “0x161b” holds 11,877,984 SHIB worth $122.

SHIB/USD 4-hour chart | Source: TradingView

SHIB was down 2% in the last 24 hours at $0.00001036 at the time of writing.

Number of whales on Shiba Inu network increasing despite bear market

The Shiba Inu (SHIB) token has experienced a 5% growth in the number of holders who have become trillionaires during the last month, bringing the total to 42. A similar expansion has also occurred among investors who own between 1 million and 10 million SHIB tokens.

The increase in the number of whales, or huge token holders, can substantially impact market dynamics and the particular cryptocurrency’s price performance. From a market standpoint, the increase in the number of Shiba Inu trillionaires might be viewed in various ways. On the one hand, it might indicate increased interest in the token and its growth potential.

Source: Intotheblock

When the number of whales grows, investors may become more optimistic, resulting in a surge in demand for the token and a subsequent rise in its price. On the other hand, a rise in whale activity could be a cause for concern. When money is concentrated in the hands of a few holders, the market becomes more vulnerable to manipulation and significant price movements.

In such a case, a single sell-off by one of the whales might set off a chain reaction, resulting in a large reduction in the token’s value. In the instance of Shiba Inu, the token’s value has dropped by 7% in the last six days, trading at $0.00001.

This downward trend could be attributed to several factors, including a recent decrease in overall risk demand on the cryptocurrency market. It is critical to note the potential impact of the expanding number of whales on this price performance since this may worsen the token’s volatility.

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