SHIB Surges 10% Over the Week Amid Push for Identity Service, Binance Integration

May 16, 2023

Several key developments appear to be helping the popular meme coin SHIB this week.

Shiba Inu (SHIB) token has surged 10% in the last seven days amid the developer team unveiling a new digital identity service for all its applications.

Core developers of the Shiba Inu ecosystem informed Decrypt that the developers are working to prioritize the inclusion of a Self-Sovereign Identity (SSI) into all its applications.

This includes applications in SHIB’s metaverse project and an upcoming layer-2 network Shibarium.

According to a lead developer of SHIB, the digital identity system will provide improved “security, privacy and fraud reduction” among other things.

SHIB is an ERC-20 meme coin launched on July 25, 2020, as a competitor to Dogecoin (DOGE) with Shiba Inu dog as its logo.

The Shiba Inu token led the market performance among similar assets, namely, DOGE, PepeCoin (PEPE), and Floki Inu (FLOKI), all of which traded in negative over the week, except Shiba Inu, per Coingecko data.

Meme coins are tokens that gain popularity from internet memes, viral content, and community-driven marketing.

This morning, the token enjoyed another positive boost as Binance added SHIB as a collateral asset for its “isolated, overcollateralized, and open-term” Flexible loan service.

Binance Flexible loans let users open isolated loan positions, meaning, each loan is treated independently. Users can add SHIB as collateral to borrow numerous cryptocurrencies without a fixed maturity date.