Binance has continued to make significant strides, cementing its role as a crucial player in the market. One of the recent moves involves the addition of 22 new loanable and collateral assets to its Flexible Loan and VIP Loan services, including the meme-inspired cryptocurrency, Shiba Inu.
This marks an essential milestone for Shiba Inu, intensifying the spotlight of the dog-themed meme coin.
Shiba Inu Emerges As A Viable Collateral Asset
Binance’s approval of Shiba Inu as a collateral asset is specifically noteworthy as it suggests that the crypto exchange is acknowledging Shiba Inu’s market potential and the growing trust in its liquidity. This could possibly pave the way for increased adoption of SHIB as a credible asset within the wider crypto and decentralized finance (DeFi) space.
Simultaneously, the recent development has ignited conjecture about the possibility of Bone ShibaSwap (BONE) tokens being listed on Binance. This conjecture aligns with the eagerly-awaited roll-out of the layer 2 blockchain, Shibarium, slated for unveiling within the current month. Should this transpire, it could boost the visibility and credibility of both SHIB and BONE.
Interestingly, Binance’s announcement on August 4 didn’t only involve Shiba Inu. Among other notable assets are Compound and Theta, representing the exchange’s commitment to continually broaden its offering to cater to diverse crypto investors.
Implications For SHIB’s Future
The potential implications for Shiba Inu following this announcement are profound. It is a significant indicator of the coin’s evolution from its meme origin to a legitimate financial asset within the crypto sphere.
Particularly, the acceptance of SHIB as a collateral asset could attract serious investors, impacting its price and market cap in the long run. Further driving this speculation is Binance’s potential listing of the BONE token, dependent on the successful Shibarium mainnet launch.
As previously disclosed by the lead developer, Shytoshi Kusama, the Shibarium launch is expected in August, making BONE’s listing on Binance a distinct possibility. If actualized, this could further solidify Shiba Inu’s standing in the market, making it a coin worth watching in the crypto space.
To further showcase Shiba Inu’s seriousness in becoming more than a meme coin, Kusama reportedly disclosed the Shiba Inu project, Shibarium, will integrate Digital Identity Verification into all its future developments.
The lead developer noted:
[We are currently] laying the groundwork for a new global standard in decentralized digital trust and international identity verification. In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced.
Alongside this update, SHIB has seen a nearly 5% gain in value in the past 24 hours bringing its price to currently trade at $0.00000858, at the time of writing.
Featured image from WatcherGuru, Chart from TradingView