Binance Reveals Significant Holdings in DOGE, SHIB, and XRP
Binance, one of the world’s largest cryptocurrency exchanges, has released its Proof of Reserves (PoR) report, showcasing its holdings in popular digital assets like Dogecoin (DOGE), Shiba Inu (SHIB), and XRP.
Binance’s DOGE and SHIB Holdings Exceed 100%
In its Proof of Reserve audit, Binance disclosed the net balances of its customers and its own digital asset holdings. The report revealed that Binance holds 102.49% of Bitcoin (BTC), with a total of 609,477.128 BTC in its treasury and a customer net balance of 594,688.859 BTC. Additionally, Binance’s Ethereum (ETH) holdings amounted to 104.58%, with a net balance of approximately 4,353,718.384 ETH and a customer net balance of 4,163,085.942 ETH.
Popular meme coins like DOGE and SHIB also had a significant position in Binance’s portfolio. Dogecoin’s ratio was 100.65%, with a treasury of about 12,202,610,586.421 DOGE and a customer net balance of 12,124,403,806.92 DOGE. Similarly, Shiba Inu had a ratio of 103.64%, with a Binance net balance of 69,431,545,051,732.125 SHIB and a total customer net balance of 66,995,801,414,557.41 SHIB.
Insights into Cryptocurrencies Experiencing Increased Demand
Binance’s significant holdings in DOGE and SHIB highlight the global appeal of these meme coins and offer insights into the cryptocurrencies that are in high demand among investors. Alongside DOGE and SHIB, Binance also holds major assets like XRP and Solana (SOL), as well as stablecoins like USDT and USDC.
XRP and SOL have ratios of 101.14% and 102.16%, respectively. The total customer net balance for XRP is over $1.4 billion, while SOL’s net balance is worth over $3 billion.
Binance Upholds Transparency Standards
Binance’s Proof of Reserve audit provides a detailed account of the digital assets held in custody for customers. The exchange emphasizes that its corporate holdings are recorded separately and not included in the reserve report.
By releasing this audit, Binance demonstrates its commitment to transparency and security. The exchange also utilizes the Merkle Tree cryptographic tool, enabling users to verify their asset holdings on the platform.
Hot Take: Binance Shows Strong Holdings in DOGE, SHIB, and XRP
Binance’s recent Proof of Reserves report reveals its substantial holdings in popular cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), and XRP. With significant ratios exceeding 100%, Binance showcases its position in the global cryptocurrency market. This transparency not only highlights Binance’s dedication but also offers valuable insights into the cryptocurrencies experiencing increased demand among investors. By upholding transparency standards and utilizing advanced cryptographic tools like the Merkle Tree, Binance continues to provide a secure and trustworthy platform for crypto enthusiasts.
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