Ethereum News Today: Bybit's SHIB Holdings Reveal Meme Coin's Surprising Crypto Dominance

Bybit’s latest proof of reserves report has revealed that the exchange holds 2,943,549,207,720 Shiba Inu (SHIB) tokens, amounting to roughly three trillion of the meme coin, making it the largest holder in the cryptocurrency space [1]. This snapshot, the 25th in Bybit’s ongoing audit series, highlights the significant presence of SHIB across multiple blockchains, dwarfing the holdings of other major cryptocurrencies [1]. In addition to SHIB, Bybit reported a 5.61% increase in Bitcoin holdings to 58,954 BTC, and a 6.59% rise in Ethereum holdings to 604,131 ETH over the past three weeks [1]. Conversely, USDT balances on the platform decreased by 4.75% to 4.85 billion, with over 242 million tokens leaving the exchange during this period [1].

Beyond Bybit, the SHIB token remains a major force in the cryptocurrency ecosystem. Approximately 41% of the total SHIB supply is held in the burn address, representing over $5 billion in tokens that have been removed from circulation [1]. The remaining supply is primarily concentrated among major exchanges like Coinbase, Binance, Upbit, Robinhood, and Crypto.com, each holding trillions of SHIB tokens [1]. This widespread adoption and retention of SHIB by major exchanges confirm its position as one of the most significant tokens on the Ethereum network [1].

Shiba Inu’s enduring presence in the crypto space has sparked ongoing discussions about its potential future performance. Analysts suggest that if a crypto investor were to allocate $200 monthly into SHIB and hold the investment until 2050, it could grow into a $1 million portfolio, assuming the token reaches a price of $0.000217 [2]. Even a more modest price increase to $0.0001 would result in a $461,000 portfolio, representing a 768% gain on a $60,000 investment over 25 years [2]. While such long-term projections are speculative, some industry observers believe SHIB could reach $0.0002 before the end of 2025, with others projecting the price target between 2028 and 2032 [2]. These estimates, however, remain unverified and are subject to the inherent volatility of the crypto market [2].

Despite the bullish forecasts, SHIB has faced recent challenges, with its price currently trading at $0.000013, down more than 11% in the last month [2]. Over $300,000 in liquidations have been reported, with $201,000 from long positions and $105,000 from short positions [2]. These figures underscore the risks associated with SHIB trading and highlight the need for caution among investors. While the token’s market capitalization and exchange holdings reflect its widespread appeal, its price movements continue to be highly volatile and subject to market sentiment [2].

The growing presence of SHIB on major exchanges, including Bybit, underscores its role as a permanent fixture in the crypto landscape. Unlike many other meme coins that have faded into obscurity, SHIB has maintained a strong following and has been integrated into the balance sheets of some of the most prominent cryptocurrency platforms [1]. This level of adoption suggests that SHIB has evolved beyond the hype of 2021 and is now recognized as a legitimate, if speculative, asset within the crypto market [1]. As the market continues to evolve, the performance of SHIB will remain a topic of interest among traders and analysts alike [2].

Source: [1] Bybit Reveals How Much Shiba Inu (SHIB) It Owns, Talk ... (https://u.today/bybit-reveals-how-much-shiba-inu-shib-it-owns-talk-about-trillions) [2] Here's How a $200 Monthly Shiba Inu (SHIB) Investment ... (https://captainaltcoin.com/heres-how-a-200-monthly-shiba-inu-shib-investment-could-turn-into-1m-by-2050/)