Shiba Inu (SHIB), the second largest meme coin after Dogecoin (DOGE), is experiencing a surge in value following news that Binance will now allow SHIB to be used as collateral on its platform. This move not only increases the utility of SHIB as an asset but also creates speculation that other tokens within the Shiba Inu ecosystem, such as BONE, may soon be listed on Binance.
Binance, as the largest cryptocurrency exchange by trading volumes, holds significant influence over token listings and the use of tokens on its platform. Therefore, its decision to allow SHIB as collateral has had a positive impact on the price of the token, which has risen over 5% on Friday, trading in the upper $0.000008s.
This rally marks a breakout above the key long-term resistance level at $0.0000083 and confirms an uptrend that SHIB has been in since May.
Looking at SHIB’s technical outlook, there have been positive developments in the last week. The token broke above a downtrend that had been suppressing its price since the 2021 all-time highs. Additionally, it surpassed the key resistance levels at $0.0000083 and its 100-day moving average (DMA). With SHIB also trading above its 21 and 50 DMAs, there is a possibility of a quick surge towards resistance in the upper $0.000009s and a potential retest of the 200 DMA by $0.10.
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If SHIB manages to break above these key resistance levels, it could be seen as early confirmation of a new bull market for SHIB.
While the outlook for Shiba Inu remains strong, traders with a higher risk-reward tolerance may want to consider investing in Shibie Coin, a new meme coin that combines the themes of Shiba Inu and Barbie. This crossover has generated significant attention, with the creators describing Shibie Coin as the “prancing, panting, and downright provocative queen of the crypto world.”
The Shibie presale is currently live, with tokens priced at $0.000167. The presale has a limited duration and aims to raise $999,999 through the sale of 60% of the token’s supply. With a market cap of $2.5 million, Shibie Coin provides ample room for price appreciation, similar to the impressive growth of Shiba Inu, which saw a price increase of 11,430,362% since its launch in 2020.
To stay updated on Shibie Coin’s progress, it is recommended to follow their official Twitter account and join their Telegram channel, which will provide important updates on the presale and the upcoming decentralized exchange listing. A centralized exchange listing is also planned for Shibie Coin.
Investors should note that cryptocurrencies are a high-risk asset class and should perform their own due diligence before making any investments. This article is for informational purposes only and should not be considered as investment advice. It is possible to lose all of your capital when investing in cryptocurrencies.
