Shiba Inu (SHIB), a token themed around the Shiba Inu dog breed and standing as the second largest meme coin by market capitalization, trailing only Dogecoin (DOGE), is experiencing a surge on Friday. This comes following the news that Binance will permit the use of this asset as collateral on its platform.
According to Binance’s latest announcement, users of the platform can now borrow against their SHIB holdings.
This not only enhances SHIB’s usefulness as an asset but has also incited speculation about the potential listing of other tokens from the Shiba Inu ecosystem, such as BONE, on the platform in the near future.
Binance, recognized as the world’s largest cryptocurrency exchange in terms of trading volumes, wields significant influence over the market. Its decisions regarding which tokens get listed and how they can be utilized on its platform can markedly impact token prices.
As of last report on Friday, Shiba Inu had appreciated over 5%, reaching the upper $0.000008s.
This surge establishes a breakout beyond the crucial long-term support-turned-resistance level at $0.0000083, solidifying an upward trend that SHIB has been experiencing since as far back as May.
Price Prediction – Where Next for Shiba Inu (SHIB)
The technical outlook for Shiba Inu has seen considerable improvement in the past week.
Primarily, SHIB managed to break through a downtrend that had been restricting its price, extending all the way back to its all-time highs in 2021, last Friday.
In addition, it has succeeded in surpassing the aforementioned critical support-turned-resistance level at $0.0000083 and its 100-day moving average (100DMA).
Given that SHIB is also above its 21 and 50-day moving averages (21DMA and 50DMA), a swift rally towards resistance in the upper $0.000009s seems likely, along with a potential retest of the 200-day moving average (200DMA) around $0.10.
If SHIB can surpass these pivotal resistance levels, it could serve as early confirmation of the advent of a new SHIB bull market.
Shiba Inu (SHIB) Alternative to Consider
The future appears bright for Shiba Inu.
However, for traders with a high risk-reward tolerance who are seeking even more promising short-term gains, they might want to consider a new meme coin called Shibie Coin. This novel coin is a blend of Shiba Inu (a continually trending theme in crypto) and Barbie (which is currently making headlines due to the success of the latest Barbie movie at the box office).
The name “Shibie” does have a catchy sound, so anticipate this spirited canine to be the top dog in its breed.
The Shibie website describes this Shiba Inu-Barbie hybrid as the “strutting, panting, and absolutely provocative queen of the crypto universe.”
Following a cryptic teaser, the Shibie presale has now commenced, with the tokens priced at $0.000167.
However, don’t delay as the presale period will be brief yet beneficial, with a goal to raise only $999,999 through the sale of 60% of the token’s supply.
The presale prices $SHIBIE at a humble $2.5 million, suggesting that this low-cap coin provides ample opportunity for the price to skyrocket.
Should Shibie follow the trajectory of Shiba Inu, then a prosperous future could be in store. Since its 2020 launch, the Shiba Inu token has witnessed a staggering price increase of 11,430,362%.
To ensure you don’t miss out on any vital presale-related updates or the crucial decentralized exchange listing date, remember to follow Shibie Coin on Twitter and join its official Telegram channel.
Plans are also underway for a centralized exchange (CEX) listing.