Funds Are SHIB? Crypto.com Reserves Are 20% Memecoin

According to a wallet analysis published by Crypto dot com CEO Kris Mars Marszalek on his official Twitter feed, 20% of all reserves at the exchange are held in the highly speculative memecoin shiba inu (SHIB). As fear of crypto contagion from the FTX meltdown spreads, Marszalek seems eager to prove that any exposure to the crisis is limited, and shared links to a Nansen dashboard that illustrate over $2 billion in reserves. However, market observers will be concerned that a coin with no obvious utility and a history rooted in dog memes is so heavily featured in that breakdown.