Binance Custody Now Supports Shiba Inu

Dogecoin killer Shiba Inu

February 21, 2022

Reading Time: 2 minutes

Binance Custody has announced its support for meme token Shiba Inu, together with Audius (AUDIO), Perpetual Protocol (PERP), SKALE Network (SKL), and Injective (INJ).

Binance Custody for Crypto Safety

Binance launched Binance Custody in mid-December as its institutionally-grade cryptocurrency custodian. Cryptocurrency custodians are what traditional banks are to clients. Typically, crypto holders can be their banks. However, individuals may choose to hold their digital assets through third-party custodial services to protect themselves from crime within the industry.

Binance Custody stores clients’ private keys and offers insurance on the cryptocurrency it manages. Before the addition of Dogecoin killer Shiba Inu and the other set of coins, Binance Custody had added support for Gala (GALA), Zilliqa (ZIL), WiNkLink (WIN), and Immutable X (IMX).

Binance exchange uses its secure multi-party computation (MPC) to distribute control over clients’ funds. The exchange also uses its suitable wallet solution to secure the storage of private keys. The custodian has expanded its cryptocurrencies to include meme coin Shiba Inu and other tokens.

Binance Custody plans to complete its independent SOC 2 Type 2 examination to prove its operational security. The move will likely attract more investors into the service.

Analysts Predict a Rise in Shiba Inu Price    

After the announcement, Dogecoin-killer Shiba Inu’s price started rallying up. Despite the recent hack of the meme coin’s themed NFTs. Shiba Inu posted up to 7% gains. Furthermore, analysts predict a more bullish trend for the meme token in the coming days.

According to FXStreet analysts, meme token Shiba Inu has emerged strongly from the rising geopolitical tensions from Russia and the inflation concerns. According to predictors, the Dogecoin killer will rise to $0.00003300, based on the sub-demand zone from $0.00002720 to $0.00002880.

The same analysts say that Dogecoin killer Shiba Inu is protected from a price drop by this sub-demand zone. The meme token’s 50-day and 200-day Simple Moving Averages are converging at $0.00002700.

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