- Gate.io’s disclosure debunks Shiba Inu’s bankruptcy rumors, reassuring investors about the stability of meme-based investments and restoring confidence in the cryptocurrency market.
- The revelation highlights the importance of verified information, emphasizing the role played by trust and transparency in the crypto landscape.
A typical quote from Kevin Jonas on everyday power states:
“Rumors are always out there, and so is the truth.”
In the cryptocurrency industry, rumors spread like wildfire sending shockwaves and panic. As a result, the crypto community was recently slapped with news that Shiba Inu, a popular digital currency, was facing bankruptcy, with analysts giving warnings.
The rumors sent shockwaves to one crypto exchange platform Gate.io’s users, since Shiba Inu (SHIB) owns a substantial asset portfolio, raising more questions than answers to the potential impacts on the value held by SHIB.
Gate.io proactively tackled Shiba Inu’s rumors head-on to clear the impacts by revealing the truth about its holdings. The declaration by the exchange has since shed light on the stability of SHIB and the general confidence of the cryptocurrency market.
Significant Share of Gate.io’s Holdings by Shiba Inu
As events unraveled, the prominent market tracker Lookonchain revealed the staggering value of SHIB coins held at Gate.io while spreading rumors about Shiba Inu’s Bankruptcy.
Lookonchain tweeted the following data: “6 wallets hold a total of $1.44B in assets.”
This tweet sheds light on assets held by six prominent wallets where SHIB stands out as the leading exchange having over six trillion tokens valued at $52 million.
Despite these rumors, as disclosed by Gate.io, Shiba Inu’s value suggests that it is nowhere near bankruptcy, as indicated by the words.
Similarly, in early 2023, Crypto Basic reported figures of Shibu Inu’s tokens held on Binance, which indicated more than tenfold that owned in Gate.io. The figure said was 78.5 trillion SHIB on the chain, amounting to $846 million.
As shown by the tweet above, the revelation serves as a relief to the many SHIB investors staring at a potential loss due to bankruptcy rumors. The trend highlights vital information and promotes an informed approach to cryptocurrency investments.
Meanwhile, the looming insolvency of Gate.io, among other factors, had resulted in the decision to close down Hotbit, one of the prominent cryptocurrency exchanges advising Shiba Inu’s investors to withdraw their assets from the exchange within a month.
Implications for the Stability of Shiba Inu
The data shared by Gate.io communicates about the stability of the price of the do-themed crypto and suggests that there will be increased market confidence if Gate.io holds the assets from Shibu Inu.
The disclosure enhances the trustworthiness and transparency of crypto markets as it demonstrates that rumors are not factual and rely on hearsay.
Conversely, the rumor reveals the volatile crypto market, while the disclosure suggests the importance of verified information in the industry. The revelation by Gate.io offers valuable insight for both the crypto community and investors.
In the future, it is prudent to work on verified information before concluding on investments.
At the time of writing, Shiba Inu (SHIB) trades at $0.00000793, down 6.5% over the last 24 hours.
