Despite the underwhelming price action within the cryptocurrency market this week, Shiba Inu (SHIB) has emerged as the only well-performing altcoin. The cryptocurrency is up by 12% on the week, while most of the top altcoins are charting losses.

Analysts and publications said this surge in value is primarily due to Binance’s announcement of accepting SHIB as collateral.

Binance New Collateral Asset: Shiba Inu

In a recent development, global crypto exchange Binance has approved Shiba Inu (SHIB) as a collateral asset.

• The exchange has also expanded its services by adding 22 new loanable and collateral assets to its Flexible Loan and VIP Loan services.
• This move has sparked speculation about the potential listing of Bone ShibaSwap (BONE) tokens on Binance, which is expected to coincide with the launch of the layer-2 blockchain, Shibarium, in August.

A Shiba Inu Foundation is Being Set Up

• A blog post from ShibaSwap developer Shytoshi Kusama suggested that the Shiba Inu’s blockchain called Shibarium could “likely” launched at the time of the Blockchain Futurist Conference in Toronto, Canada
  • This event will be on August 15 and 16, where Shib.io is a Title Sponsor.
• A “SHIB DOGGY DAO FOUNDATION“ is being set up. This is “the first way we show to the world we are no laughing matter,“ Kusama said in the blog post.

From Meme to Mainstream DeFi

In a bid to strengthen the project’s image among users, Shiba Inu developers are planning to integrate digital identity services into all platform applications.

This move is seen as a significant step towards breaking away from its meme coin status and becoming a serious decentralized finance (DeFi) contender, Coindesk reported.

The developers are working with community projects to ensure the deployment of Self-Sovereign Identity (SSI), a digital alter ego of identity documents, is a priority.

The Shiba Inu (SHIB) ecosystem is planning to make blockchain-based digital identity a part of the project’s future developments.

The lead developer, Shytoshi Kusama, is planning to integrate Self-Sovereign Identity (SSI) in all Shiba Inu projects. This move is seen as a significant step towards enhancing the security and privacy of the users.

This is a developing story.

This article is published on BitPinas: Shiba Inu Price Increase as Shibarium Gains Momentum

Disclosure: The author does not hold any of the coins listed in the article.

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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• Source: https://bitpinas.com/cryptocurrency/shiba-inu-price-increase-shibarium/