Crypto.com holds 20% of its reserves in Shiba Inu!

Crypto-currency exchange Crypto.com revealed today that it holds 20% of its reserves in the Shiba Inu token (SHIB), a “meme currency“highly speculative.

Data from blockchain analytics firm Nansen shows that the platform holds the largest share (31 percent) of its digital assets in bitcoin, followed by SHIB at 20 percent. Nansen’s data reveals that Crypto.com owns about $570 million worth of the Ethereum-based meme currency.

Crypto.com’s reserves also include a significant amount of Ethereum, which accounts for about 17 percent of the company’s holdings, while the stablecoins Tether (USDT) and USDC each account for about 5 percent of the exchange’s reserves. Various other crypto-currencies and tokens collectively account for another 20% of the total.

The exchange revealed its reserves through a set of wallet addresses, which Nansen then compiled into a single dashboard. Crypto.com CEO Kris Marszalek confirmed the dashboard data in a tweetand said the exchange will provide additional details on all of its holdings in the next two weeks.

The news comes as FTX, one of the largest and most prominent crypto-currency exchanges, went bankrupt this week following a major liquidity crisis. It led to the White House calling for greater regulation of the industry, and currently leaves customers with potentially billions of dollars worth of inaccessible assets on the FTX platform.

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SHIB is the 14th largest crypto-currency in the world with a market capitalization of $5.7 billion, according to data from CoinGecko. It is an ERC-20 token – meaning it runs on the Ethereum network – and a competitor to Dogecoin, the “meme currency“original that gained popularity and notoriety when Elon Musk adopted it.

Meme currencies are crypto-currencies and tokens that are usually inspired by Internet memes. They often have no significant functional use, and their prices can change quickly and dramatically.

SHIB’s price swings quickly between high and low and is currently worth $0.000009774634 per token – 88.6% below its all-time high. In 2021, its market capitalization briefly exceeded $41 billion, giving it a market capitalization greater than many S&P 500 companies.

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