Shiba Inu (SHIB), a Shiba Inu dog-themed token that is the second largest meme coin by market capitalization behind Dogecoin (DOGE), is rallying on Friday amid news that Binance will allow the asset to be used as collateral on its platform.
As per an update from Binance, the platform users will now be able to borrow against their SHIB balance.
Not only does this boost SHIB’s utility as an asset, but it also sparked speculation that other Shiba Inu ecosystem tokens like BONE might soon be listed on the platform.
Binance is the world’s largest cryptocurrency exchange by trading volumes, and so its decisions with regards to what tokens get listed and how tokens can be used in its platform can have a large price impact.
Shiba Inu was last up over 5% on Friday in the upper $0.000008s.
The rally cements a breakout above the key long-term support-turned-resistance area at $0.0000083, and cements an uptrend that SHIB has been in going all the way back to May.
Price Prediction – Where Next for Shiba Inu (SHIB)
Shiba Inu’s technical outlook has taken a substantial turn for the better in the last week.
First of all, SHIB was able to break above a downtrend that had been capping its price going all the way back to the 2021 all-time highs last Friday.
Since then, it has also been able to break above the key aforementioned support-turned-resistance level at $0.0000083 and its 100DMA.
With SHIB also above its 21 and 50DMAs, a quick surge towards resistance in the upper $0.000009s appears to be on the cards, as well as a possible retest of the 200DMA by $0.10.
If SHIB can break above these key resistance level, this could be further early confirmation that a new SHIB bull market is here.
Shiba Inu (SHIB) Alternative to Consider
The outlook for Shiba Inu is looking strong.
But traders with a high risk-reward tolerance who are looking for the prospect of even better near-term gains should check out a brand new meme coin called Shibie Coin – a crossbreed of Shiba Inu (an always trending theme in crypto) and Barbie (which is in the headlines now thanks to the success of the newest Barbie move in the box office).
For sure, Shibie has got a pretty good ring to it, so expect this sassy mutt to be best-of-breed.
“This Shiba Inu-Barbie crossbreed is the prancing, panting, and downright provocative queen of the crypto world,” says the Shibie website.
After a stealth teaser, the Shibie presale is live, and the tokens are priced at $0.000167.
But there’s no time to hang around because the presale will be short and sweet, as there is only $999,999 to be raised via a generous sale of 60% of the token’s supply.
The presale values $SHIBIE at a modest $2.5 million, which means this low-cap coin provides plenty of room for the price to explode.
If Shibie follows Shiba Inu’s path, then great things lie ahead. The Shiba Inu token has risen in price by 11,430,362% since its launch in 2020.
Make sure to follow Shibie Coin on Twitter and join its official Telegram channel to avoid missing out on any crucial presale-related updates and the all-important decentralized exchange listing date.
A centralized exchange (CEX) listing is also planned.
Buy Shibie Coin in Presale Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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