Binance Approves Shiba Inu as Collateral

Binance is giving the green light to new assets that now serve as collateral for specific types of loans on this platform. One of those new collateral assets is Shiba Inu, an Ethereum-based Doge alternative often called “the Dogecoin killer” by passionate community members.

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Shiba Inu as collateral on Binance

Illustration: Lenka T.

In an official statement published on August 4, Binance announced the inclusion of 22 loanable and collateral assets in Flexible and VIP Loan services. In other words, Flexible and VIP loanees can now borrow or collateralize the newly added coins, resulting in a more flexible and versatile DeFi space.

The latest additions you can now use as collateral on Binance are Shiba Inu (SHIB), Compound (COMP), IOTA, iExec (RLC), Holo (HOT), Enjin Coin (ENJ), Theta (THETA), and IOST. However, this expansion of available collaterals is tied to Flexible Loans only. For those utilizing Binance’s VIP Loan service, this service provider has expanded the list of loanable assets by six new coins.

Although all these new coins play a significant role in the ecosystem, Binance’s decision to accept Shiba Inu as collateral is colossal for the crypto community, especially one of Shiba Inu’s. If a crypto giant such as Binance feels comfortable using it as collateral, it only shows they’re confident about its potential.

Shiba Inu

Photo illustration: Freepik

Is SHIB Recovering?

As soon as the news about the approval of Siba Inu as collateral went viral, SHIB almost immediately bounced back. On the same day of the announcement, SHIB’s value reached $0.000008768 (according to CoinMarketCap’s charts).

That was just the first win for Shiba Inu. The price skyrocketed to a whopping $0,00001036 per coin in less than a day, and it hasn’t been this high since the beginning of May. But, although the market responded well and allowed SHIB to gain some traction, the latest charts show that the sudden price increase was short-lived.

Shiba Inu price chart

Source: CoinMarketCap

The trading volume has increased in the last few days, indicating that better times for Shiba Inu might lie ahead. However, it’s too soon to make any speculations; for now, the smartest thing to do is monitor the charts closely. That is if you’re interested in Shiba Inu price movements.

Jelena is a content writer dedicated to learning about all things crypto. Her hobbies are playing chess, drawing, baking, and going on long walks. During winter, she usually spends her leisure time reading books.