Shiba Inu price explodes as Binance Custody adds the Dogecoin-killer to managed assets

Binance Custody announced the addition of new cryptocurrencies to its managed assets, providing greater security to investors. Shiba Inu price exploded shortly after the announcement, fueling a bullish narrative for the meme coin’s price among traders. 

Shiba Inu price recovers from drop, starts uptrend

The world’s largest exchange, Binance, revealed the addition of Shiba Inu, Perpetual Protocol, Skale network and Injective to the list of its custody assets. An addition to Binance Custody is a key milestone for cryptocurrency projects as due to the lack of centralized custodians; the exchange offers investors the opportunity to be their bank and safeguard holdings against theft and hack. 

Assets on Binance Custody are insured and protected against loss of user funds, managed by the exchange. Binance Custody will soon complete an examination to prove its operational security, attracting investors to its service. 

Shiba Inu Price responded to the news with a rally. Today, the meme coin has posted 7% gains, and analysts are bullish on the Shiba Inu price rally. Following the recent NFT hack on OpenSea, Shiba Inu offered users an analysis of the investigation and instructions on securing their Shiboshis. 

The addition of the Dogecoin-killer to Binance custody acted as a positive catalyst, despite the recent hack of Shiba-Inu-themed NFTs. 

FXStreet analysts have evaluated the Shiba Inu price trend and noted that the meme coin survived well through rising geopolitical tensions from Russia as well as inflation concerns. Analysts have set the next target for Shiba Inu price at $0.00003300, based on the sub-demand zone from $0.00002720 to $0.00002880. 

Analysts believe that the sub-demand zone is protecting Shiba Inu price from a drop, and the 50-day and 200-day Simple Moving Averages for the Dogecoin-killer are converging at $0.00002700. Shiba Inu price upside could be capped at $0.00003220.