Crypto.com Preliminary Audit Shows 20% of Its Assets Are In Shiba Inu Coin
The swift collapse of the FTX crypto exchange has sparked an industry push among big rivals to publish proof of their reserves as a means to provide transparency into the assets on their platforms. With those efforts just getting underway, one firm, Crypto.com, has taken the proactive step of providing a preliminary set of disclosures -- sharing wallet addresses with the blockchain analysis firm Nansen to create a dashboard of nearly $3 billion of reserves and other assets. What that shows is just how heavily the mix of assets is skewed toward a meme-y token called shiba inu (SHIB), a digital asset built atop the Ethereum blockchain that was largely inspired by the joke token dogecoin (DOGE).
Like DOGE -- a key staple of billionaire Elon Musk's crypto schtick on Twitter -- the SHIB token is a highly volatile cryptocurrency whose primary use case is often considered to be speculation itself; it's traded for fast profits and yuks. Of the $2.88 billion in total assets in the wallets, roughly $558 million, or about 20%, are in SHIB. The holding ranks second only to the $872 million of bitcoin (BTC), the largest cryptocurrency by market value, which represents 31%. The amount exceeds the $487 million in ether (ETH), the second-biggest cryptocurrency, and dwarfs the $1.5 million in dogecoin (DOGE), Nansen data suggests.
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