Shiba Inu (SHIB) price crossed the $0.000095 milestone for the first time since May 2023. The price bounce came after Binance announced SHIB as an approved collateral asset for loans on the exchange. A critical on-chain indicator suggests that SHIB could be at risk of an untimely price correction.
On Aug 4, the Binance exchange released an official statement announcing SHIB and seven other altcoins as approved collateral assets. This move will allow Shiba Inu holders to deposit SHIB as collateral to obtain “Flexible Loans” on Binance.
The markets have reacted positively to the news. Within 24 hours, SHIB’s price climbed over 12% to hit a 3-month peak of $0.0000098. However, a critical on-chain indicator flashes red signals that could truncate the ongoing price rally.
Binance Collateral Approval Has Reignited SHIB Trading Volume
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