What is confirmed: after the October 29 hack, Binance once again shows more Shiba Inu tokens in its own wallets than customers hold on the exchange, namely 100.04 percent. Our assessment foll
What is confirmed: after the October 29 hack, Binance once again shows more Shiba Inu tokens in its own wallets than customers hold on the exchange, namely 100.04 percent. Our assessment follows further down: the figure is a good sign, but until the cryptographic proof is published it remains a claim by the exchange.
The Shiba Inu price has barely reacted. On Friday afternoon, November 13, SHIB traded at $0.00000425 according to CoinGecko. That is a gain of 0.3 percent in 24 hours, while bitcoin lost 4.3 percent to $68,218 over the same period. Over seven days SHIB is down 5.3 percent, over 30 days 14.3 percent.
The calm on a daily basis hides the bigger picture. The price of $0.00000425 is the lowest daily value in CoinGecko's data for the past 90 days. The range over the last 24 hours ran from $0.00000417 to $0.00000437. Compared with a year ago, the value has more than halved: on November 14, 2025 the daily value stood at $0.00000929, a decline of around 54 percent.
Little has changed since the last price report. On Thursday our article on the Nvidia resignation and the SHIB price at $0.0000043 described how Jensen Huang's departure dragged the entire crypto market down with it. SHIB has since given up roughly another 1 percent. The $0.0000043 level, which still held on Thursday, broke on Friday. What is new is the Binance announcement, and it shifts attention from the chart to custody.
With a market capitalisation of around $2.5 billion, Shiba Inu currently ranks 37th among cryptocurrencies. Trading volume over the past 24 hours was around $51 million, in line with previous days.
A proof of reserves is evidence with which an exchange shows that it holds at least the same amount of coins for every customer balance. Binance published such a proof outside its regular schedule, with a snapshot taken on November 12 at 00:00 UTC. The previous audit dated from November 4.
The figures for Shiba Inu according to the report, as analysed by the trade outlet U.Today:
Binance reports similar values for other coins. For bitcoin the ratio stands at 100.05 percent on 687,912 BTC in customer balances, for Tether (USDT) at 104.34 percent. According to Bitcoin Magazine, the snapshot covers 198 tokens, up from ten tokens in the October 31 snapshot.
One point matters for context: a reserve ratio above 100 percent means the exchange can, on paper, honour every withdrawal. Whether it also carries debts is something the ratio does not show. A proof of reserves is therefore not an audit of the full balance sheet but evidence of holdings for individual coins.
According to Binance, the zero-knowledge proof for the November 12 snapshot needs 40 to 50 hours of computing time.
Binance has yet to deliver the final piece. By its own account the exchange is still computing the final Merkle root hash. A Merkle tree is a data structure that condenses all customer balances into a single check value; if one balance changes, the check value changes. A zk-SNARK is a zero-knowledge proof: it shows mathematically that all balances were added up correctly and none is negative, without disclosing the balances themselves.
According to Bitcoin Magazine, generating this proof takes 40 to 50 hours. Counting from the November 12 snapshot, that puts completion somewhere between Friday evening and Saturday morning. Only then can every customer check on the Binance proof of reserves page whether their balance is included in the Merkle tree. Until then, the 1:1 backing rests solely on the exchange's own statement.
A second look at the same holdings comes from outside. The analytics firm Arkham Intelligence attributes 58.82 trillion SHIB to Binance's known wallets, equal to 5.88 percent of supply and around $251 million. That is 8.13 trillion SHIB more than the proof of reserves shows, roughly 16 percent above customer balances.
Binance has not explained where the difference comes from. One likely explanation is that the wallets also hold the exchange's own assets, which do not count as customer balances. That is not confirmed. For holders the direction is reassuring all the same: the external count sits above the exchange's figure, not below it.
According to the same analysis, Binance is only the third-largest exchange by SHIB holdings. The largest single address is the burn address with 410.44 trillion SHIB, or 41.04 percent of supply. These tokens are permanently removed from circulation. Next come Coinbase with 74.53 trillion and Upbit with 64.14 trillion SHIB.
As a reminder: on October 29, assets worth $6.34 billion flowed out of Binance's hot wallets across ten blockchains within about 20 minutes. According to U.Today, the stolen tokens included just under 500 billion SHIB. Citing reports by the trade outlet The Block, the US Department of Justice attributes the attack to the North Korean group TraderTraitor and intends to seize $1.2 billion.
By its own account, Binance has covered the loss in full from company funds, including its SAFU emergency fund, a surplus in the futures insurance fund and its own reserves. The exchange plans to top the SAFU fund back up to around $1 billion. Withdrawals have been resuming step by step since November 1, first for bitcoin, then for other networks. More on this in our report on the completed Binance reimbursement.
Covered does not mean recovered. The stolen SHIB remain with the attackers. If they are sold through exchanges or decentralised trading venues, that can weigh on the price, regardless of how well Binance is backed.
Friday's behaviour stands out. Bitcoin slipped below $70,000 and stood at $68,218 in the afternoon. Dogecoin gave up 0.8 percent. Shiba Inu, by contrast, held almost exactly at the previous day's level.
That does not signal a turnaround. Over the week SHIB lost less than bitcoin, at minus 5.3 percent against minus 9.1 percent, and over the month slightly less, at minus 14.3 percent against minus 16.3 percent. The gap is small, and it arises mainly because SHIB has been trading low for weeks and has less room to fall. Anyone reading strength into this needs a second piece of evidence, such as rising volume alongside rising prices. There is none at present.
If you would rather not leave SHIB on an exchange, you can hold the keys yourself.
To the downside, the next confirmed level is the yearly low of July 17, 2026 at $0.00000411. From there SHIB staged a recovery in the summer to around $0.0000059 in August. The distance to the current price is just over 3 percent. If that level breaks, SHIB will be at its lowest in more than a year, and the more recent data offer no further floor.
To the upside, the first hurdle is the zone around $0.0000043 to $0.0000044, where SHIB closed several times between November 9 and 12. Above that, the 50-day and 200-day averages sit close together at around $0.0000051. This line is 20 percent above the price. As long as SHIB trades below it, the trend points down.
Our assessment: for SHIB holders on Binance, the announcement is good news. In its favour are the ratio of 100.04 percent in the November 12 snapshot and Arkham's external count, which at 58.82 trillion SHIB sits above the exchange's figure. The only thing against it is that the cryptographic proof was still missing at the time of writing. We consider the figure credible, but it is only verified once the zk-SNARK is published and customers can reconcile their balances themselves.
For the price, the reserves change little. Full backing prevents a run on withdrawals, but it does not bring in a new buyer. In the coming days the direction of the SHIB price depends more on bitcoin and on whether the stolen tokens reach the market.
How gains on SHIB are taxed depends on your country of residence; crypto tax software helps you document purchase dates and prices.
There are two ways to hold the tokens. If you leave SHIB on an exchange, you rely on its holdings; proofs such as the proof of reserves exist for exactly that. If you want to hold the keys yourself, you transfer the tokens to your own wallet. A transfer to your own wallet is not a sale. You should still keep your purchase records. Our hardware wallet comparison shows which devices are suitable.
If you want to buy in for the first time, you can purchase SHIB in the EU through a provider licensed under the MiCA crypto regulation. Whether a provider is licensed is listed in the public register of the European Securities and Markets Authority (ESMA). An overview of providers is available in our crypto exchange comparison.
The level that matters now is the yearly low at $0.00000411. If it holds, the range up to $0.0000044 frames the coming days. If it breaks, there is no lower support on the chart of the past year.
(As of November 13, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)
