Here’s How Much XRP, SHIB and DOGE Binance Currently Holds

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Written By Maya Cantina

Sat, 6/04/2024 – 13:28

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The Binance exchange has released its current customer balance with over 3.13 billion in XRP, Shiba Inu (SHIB) worth 65.312 trillion units, and Dogecoin (DOGE) coming in at 14.779 billion net balance. These reserves represent 102.6%, 103.6% and 100.19%, respectively.

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XRP, SHIB and DOGE performances against major cryptos

The figures as outlined in the proof-of-reserves report show a marked difference in the holdings of Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), with customer net balances of 568,788 BTC, 4.44 million ETH and 30.89 million SOL.

The customer net balance, however, is lesser in comparison with Binance’s, with a 2.60% difference for XRP, 3.5% in SHIB and 0.19% for DOGE. This slight difference gives leverage to Binance to guarantee its ability to manage liquidity and risk profile in an ever-volatile market.

When compared with Binance holding in the month of February, only the SHIB standing remained unchanged, with XRP appreciating by approximately 1.6% and DOGE by less than 0.4% in value.

Meanwhile, Binance users holding in XRP, SHIB and DOGE continue to dwarf their holdings in BTC, ETH and SOL. Despite these marked differences, Binance still has more liquidity than its users’. Analysts say it is a strategy to ensure sufficient liquidity by the exchange and maintain general market confidence.

Stakeholders’ observations and future implications

With new know-your-customer (KYC) measures set to commence on April 20, analysts are watching to see the effect this will have on the Binance exchange. The policy, which is meant to comply with regulatory requirements, will see unverified users without the required KYC locked off the exchange.

Affected users will no longer have access to their sub-accounts that were created as part of the Binance Link program.

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