Binance Announces Shiba Inu as Collateral Asset

Binance has announced 14 new loanable assets and 8 new collateral assets. However, the stand-out update is the inclusion of Shiba Inu (SHIB) as a collateral asset on the world’s largest exchange. SHIB is available as collateral for flexible loans on the platform. However, users should note that the exchange does not accept SHIB as collateral for its VIP loans. The collateral for VIP loans remains unchanged.

For Binance’s flexible loan, the new loanable assets are AUCTION, PYR, ILV, KNC, YGG, GAS, CELO, and IRIS. And the collateral assets for the flexible loans are SHIB, COMP, IOTA, RLC, HOT, ENJ, THETA, and IOST. Meanwhile, the new loanable assets for VIP loans include NKN, FARM, DIA, YGG, OGN, and ACA.

Also Read: Shiba Inu: 2.4 Trillion SHIB Moved From Binance, Here’s Where It Went

Shiba Inu has been on an upward trend since mid-June. The token is up by 1.9% in the last 24 hours and by 7.6% over the previous week. SHIB has also turned green in the monthly charts, being up by 8.7% in 30 days.

Why is Shiba Inu rallying?

August is SHIB’s birthday month. The popular dog-themed crypto just turned three years old and has come a long way in its short time. The latest rally could be attributed to several factors surrounding the Shiba Inu ecosystem.

Firstly, there are rumors that SHIB’s layer-2 network could release sometime this month. SHIB lead developer Shytoshi Kusama has said that the team is considering launching the network at the Blockchain Futurist Conference, to be held in Toronto, Canada, later this month. Many expect a price spike when Shibarium goes live, and the rally could be a reaction to the rumors.

Also Read: Shiba Inu: CEO Says SHIB Has a Chance for $0.01 With Shibarium

Secondly, it was recently revealed that SHIB is working on blockchain-based digital identity systems. It is the latest effort by the SHIB team to expand into the DeFi (decentralized finance) space. Self-Sovereign Identity (SSI) is the digital version of identity documents (e.g., passports, driver’s licenses). It grants people greater control over their personal data in the online world. SSI aims to empower individuals in the digital age.

And lastly, the Shiba Inu (SHIB) team is also on the verge of launching their metaverse initiative. Therefore, with so many projects lined up, investors and fans expect SHIB’s prices to skyrocket soon. And the anticipation could be behind the latest surge.