Binance, the largest cryptocurrency exchange by volume, updated its monthly Proof of Reserves with the company’s self-reported audit on November 1. Notably, Binance customers have $601.57 million in Shiba Inu (SHIB) under its custody.
The total amount of Shiba Inu held by Binance’s reserves is 77.48 trillion SHIB, of which 75.19 trillion is from the customers’ net balance. Essentially, this means that a 103% ratio covers SHIB’s custody. It is 300 basis points higher than the 1:1 needed ratio.
SHIB Ratio from Binance’s Proof of Reserves. Source: Binance
Moreover, the centralized exchange also registers its proof of reserves by the Bitcoin (BTC) blockchain. With that, it is possible to reach worldwide time precision through the leading cryptocurrency’s timechain. In November, the self-audit took place in the Bitcoin block height 814748.
SHIB price analysis
Meanwhile, SHIB is trading at $0.000008 per token by press time. Shiba Inu is moving in a weekly bullish uptrend with clo
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