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

Heading into August, Shiba Inu Trade Volume cooled off after successful Shibarium product updates have set the ecosystem alight in recent weeks. However, once Binance announced SHIB as an approved collateral asset, network activity picked up again. 

Indicatively, SHIB Tokens Transferred stood at 2.4 trillion on Aug 2, down 66% from the 7.03 trillion volume recorded five days earlier. 

However, as markets reacted to the Binance announcement, Shiba Inu promptly regained traction. As depicted in the chart below, at the close of Aug 4, the daily Tokens Transferred climbed 41% to hit 4.1 trillion SHIB. 

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Author: Ibrahim Ajibade

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