The cryptocurrency market is continually evolving, and recent developments from the Bybit exchange highlight the sustained interest in Shiba Inu, a leading meme coin. Despite current market challenges, Bybit’s holdings reveal a substantial investment in SHIB, signaling ongoing investor enthusiasm.
Bybit’s Significant Shiba Inu Acquisition
The latest proof of reserve statement from Bybit indicates that it possesses approximately 2.943 trillion Shiba Inu tokens, valued at around $37 million. This data, captured on August 14, reflects the volume of SHIB held for customers, suggesting robust demand for the asset on the platform.
Moreover, analysis from Etherscan reveals that Shiba Inu is also attracting attention across other exchanges. For example, Robinhood ranks as the third-largest holder of SHIB, controlling 39.27 trillion tokens, representing 3.9% of the total supply. Additionally, Binance’s wallets contribute significantly to the top holders, amassing over 58 trillion tokens collectively.
Interestingly, a wallet on Crypto.com harbors 5 trillion Shiba Inu tokens or nearly 3% of the total issuance. Other prominent exchanges, including Gate, Kraken, KuCoin, CoinDCX, and Bitpanda, also report substantial SHIB reserves, emphasizing the overwhelming interest in this prominent meme coin.
Such demand is especially noteworthy given the continuous reduction in SHIB’s circulating supply. Recent findings from Etherscan indicate that a burn wallet contains 410 trillion SHIB tokens, representing over 41% of the total supply. This reflects an active approach from both the SHIB development team and community to conduct regular burns, potentially fostering a bullish sentiment as the supply diminishes while demand persists.
Current Market Sentiment Regarding SHIB
The timing of Bybit’s announcement is critical, coinciding with turbulent price movements in the SHIB market. Currently, the meme coin has experienced a downturn of more than 8% over the past week, with only a temporary upward shift observed recently in line with movements across the broader crypto landscape. Many investors appear cautious, adopting a wait-and-see approach as they anticipate comments from Jerome Powell at the upcoming Jackson Hole conference.
Furthermore, recent data indicates a decline in Shiba Inu’s derivatives trading activity. According to CoinGlass, trading volume has decreased by 10%, amounting to $159 million, while open interest has fallen by over 5%, reaching $180 million. On a positive note, a majority of traders maintain a bullish stance towards SHIB, with a current long-to-short ratio set at 1.181.
As of the latest updates, the price of Shiba Inu is hovering around $0.00001261, marking a modest increase of 2% over the last 24 hours, based on data from CoinMarketCap.
