Shiba Inu gained a major impetus when Binance.US updated the OTC trading portal and introduced new maximum order limits for SHIB. The move impacted 16 popular cryptocurrencies and 37 trading pairs as it went live on August 10, the blog post read.
The announcement indicated that Binance.US raised the order limit for OTC trading of SHIB to $30,000. This enables traders to execute buy and sell orders for supported SHIB pairs on the Binance US OTC platform, with an upper cap of $30,000.
It needs to be mentioned that Binance and Binance.US are separate legal entities, although they share branding, technology, and ownership. The latter was created to cater specifically to U.S. customers and comply with U.S. regulations.
As outlined in the blog post, the OTC trading portal of the prominent cryptocurrency exchange permits traders to execute significant buy and sell transactions directly. This feature offers the advantage of safeguarding against market disruptions and ensuring that these orders remain confidential and do not appear on a publicly viewable order book.
Moreover, the trading pairs affected by this positive advancement for Shiba Inu users also included SHIB/USDT and SHIB/USDC. Besides SHIB, Binance US raised the maximum order limit for selected BTC, ETH, XRP, DOGE, and ADA trading pairs in its OTC portal. The new maximum OTC order limit for ADA also stood at $30,000. However, the exchange increased the price of BTC and ETH to $300,000.
Binance Added Shiba Inu As Collateral Asset
A few days ago, Binance adopted SHIB as a collateral asset for its “isolated, overcollateralized, and open-term” Flexible lending service. This gave the meme token another boost. Binance Flexible loans enable users to open isolated loan positions, implying, each loan is treated independently. Users can add SHIB as collateral to borrow numerous cryptocurrencies without a fixed maturity date.
Amidst a flurry of attention-grabbing advancements within the meme token ecosystem, SHIB’s social engagement has surged by almost 20%, propelling it to become the emerging standout on various social media platforms including Reddit, Twitter, and Telegram.
Over the past week, Shiba Inu has experienced a 10% increase, attributed in part to its developer team’s introduction of a fresh digital identity service applicable to all of its applications.