Being Supported by Binance Custody, What Does This Mean For Shiba Inu Coin Price ?
2022-02-25 10:00:51
How Much Is The Shiba Inu Coin Price Today
Binance Custody announced this week to support Shiba Inu (SHIB) and other four coins. Backed by Binance, the largest crypto exchange in the world in terms of daily trading volume, Binance Custody is dedicated to providing a superior custodial solution to service fund, family office, company treasury, project tokens, or any other institutional needs. In other words, it is open for institutional investors.
Major institutions put a significant amount of capital into crypto in 2021, according to the latest CoinShares data, institutional cryptocurrency funds attracted a record of $9.3 billion inflows last year, marking a near 36% jump against $6.8 billion in 2020.
However, due to the proliferation of crime within the cryptocurrency industry, institutional investors typically need third-party custody services to safeguard their wealth rather than controlling the assets themselves. Binance rolled out its institutionally-grade custody service, namely Binance Custody, in mid-December amid growing demand for such products.
Is Shiba Inu Listing On Binance Custody Helping Its Price?
After Binance Custody announced the new addition, Shiba Inu coin price jumped about 7% shortly after the announcement. Data from Gate.io showed that the coin posted 10% gains between February 21 and 22 with the lowest price at $0.000024968 and highest price at $0.000027480. Today, the SHIB price is hovering at $0.000023.
However, analysts are bullish on the Shiba Inu price rally. With the listing on Binance Custody, SHIB will get the necessary traction to draw in bigger institutional investors, which is helpful to propel the meme coin to more adoption. Hence, it is expected that many institutions will align themselves with Shiba coins, and help to improve the coin’s reach.
Analysts from FXStreet, a leading source for reliable news and real time Forex analysis, have evaluated the Shiba Inu price trend. They noted that SHIB has survived well through rising geopolitical tensions between Russia and the West as well as inflation concerns.
$0.00003300 is the next target for Shiba Inu coin price set by analysts. This number is based on the sub-demand zone from $0.00002720 to $0.00002880. Analysts believe that this sub-demand zone is protecting the SHIB price from a drop. Besides, the 50-day and 200-day Simple Moving Averages for this coin are converging at $0.00002700. As a result, the price of Shiba Inu coin could be capped at $0.00003220, which is almost 40% higher than current price.
Is Now The Good Time To Buy Shiba Inu Coin?
Well, with the backing of professional analysts, many investors are probably already pressed to buy Shiba Inu coin right now, so as to catch the upcoming rally. However, it is important to remember that Shiba’s price relies on hype and popularity, therefore, it is extremely risky and volatile.
As you have already discovered, the price of SHIB went up on the day when Binance Custody released its announcement, but today, the price is on the downside. So before you start your investment, be prepared to accept these sensitive movements.
Binance Custody announced this week to support Shiba Inu (SHIB) and other four coins. Backed by Binance, the largest crypto exchange in the world in terms of daily trading volume, Binance Custody is dedicated to providing a superior custodial solution to service fund, family office, company treasury, project tokens, or any other institutional needs. In other words, it is open for institutional investors.
Major institutions put a significant amount of capital into crypto in 2021, according to the latest CoinShares data, institutional cryptocurrency funds attracted a record of $9.3 billion inflows last year, marking a near 36% jump against $6.8 billion in 2020.
However, due to the proliferation of crime within the cryptocurrency industry, institutional investors typically need third-party custody services to safeguard their wealth rather than controlling the assets themselves. Binance rolled out its institutionally-grade custody service, namely Binance Custody, in mid-December amid growing demand for such products.
After Binance Custody announced the new addition, Shiba Inu coin price jumped about 7% shortly after the announcement. Data from Gate.io showed that the coin posted 10% gains between February 21 and 22 with the lowest price at $0.000024968 and highest price at $0.000027480. Today, the SHIB price is hovering at $0.000023.
However, analysts are bullish on the Shiba Inu price rally. With the listing on Binance Custody, SHIB will get the necessary traction to draw in bigger institutional investors, which is helpful to propel the meme coin to more adoption. Hence, it is expected that many institutions will align themselves with Shiba coins, and help to improve the coin’s reach.
Analysts from FXStreet, a leading source for reliable news and real time Forex analysis, have evaluated the Shiba Inu price trend. They noted that SHIB has survived well through rising geopolitical tensions between Russia and the West as well as inflation concerns.
$0.00003300 is the next target for Shiba Inu coin price set by analysts. This number is based on the sub-demand zone from $0.00002720 to $0.00002880. Analysts believe that this sub-demand zone is protecting the SHIB price from a drop. Besides, the 50-day and 200-day Simple Moving Averages for this coin are converging at $0.00002700. As a result, the price of Shiba Inu coin could be capped at $0.00003220, which is almost 40% higher than current price.
Is Now The Good Time To Buy Shiba Inu Coin?
Well, with the backing of professional analysts, many investors are probably already pressed to buy Shiba Inu coin right now, so as to catch the upcoming rally. However, it is important to remember that Shiba’s price relies on hype and popularity, therefore, it is extremely risky and volatile.
As you have already discovered, the price of SHIB went up on the day when Binance Custody released its announcement, but today, the price is on the downside. So before you start your investment, be prepared to accept these sensitive movements.
Previous article:
Looking For A Platform to Buy SHIB? Here Are Your Choices
Popular News
