The price of Shiba Inu (SHIB), a token with a Shiba Inu dog theme and the second-largest meme currency by market capitalization after Dogecoin (DOGE), is rising on Friday as a result of the announcement by Binance that the asset will be accepted as collateral on its platform.
Users of the platform will now be able to borrow against their SHIB balance, according to a Binance update.
This not only increases the usefulness of SHIB as an asset but also raises the possibility that other Shiba Inu ecosystem tokens, such as BONE, will soon be listed on the exchange.
Given that Binance is the largest cryptocurrency exchange in the world by trading volume, it has a significant influence on prices when deciding which tokens are listed and how they can be utilised on its platform.
Shiba Inu last had a gain of over 5% on Friday in the upper $0.000008 range.
The surge solidifies a breakout over the crucial long-term support that has since turned into a resistance area around $0.0000083 and solidifies an uptrend that SHIB has been in since May.
Price Prediction: Where Will Shiba Inu (SHIB) Go Next?
The technical picture for Shiba Inu has significantly improved during the past week.
A downtrend that had been capping SHIB’s price all the way back to the 2021 all-time highs was finally broken last Friday.
Since then, it has also managed to surpass the crucial $0.0000083 support-turned-resistance level and its 100DMA.
With SHIB also trading above its 21 and 50 DMAs, a rapid climb towards resistance in the upper $0.000009s and perhaps a $0.10 retest of the 200 DMA look to be in the cards.
If SHIB is able to surpass these significant resistance levels, this may serve as another early indication that a new bull market in SHIB is underway.
Consider the Shiba Inu (SHIB) Alternative
Shiba Inu’s future appears promising. A brand-new meme coin called Shibie Coin, a cross between Barbie and the Shiba Inu (which is currently making headlines due to the success of the newest Barbie movie in theatres), is recommended for traders with a high risk-reward tolerance who are looking for the possibility of even greater near-term gains.
Shibie certainly has a nice ring to his name, so you can anticipate this spunky mutt to be the greatest of its kind.
The Shibie presale is now open after a covert teaser, and the tokens are valued at $0.000167.
There is no need to wait around, though, as the presale will be brief and only raise $999,999 thanks to a generous offer of 60% of the token supply.
With a low cap currency and a presale value of only $2.5 million, Shibbie has plenty of room to rise in value.
Great things are in store for Shibie if she takes the Shiba Inu’s path. Since its release in 2020, the price of the Shiba Inu token has increased by 11,430,362%.
To be informed about significant presale-related updates and the crucial decentralised exchange listing date, make sure to follow Shibie Coin on Twitter and to join its official Telegram channel.
Additionally, a listing on the central exchange (CEX) is envisaged.