Shiba Inu coin: Why did Shib coin explode in value?

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The price of Shiba Inu coin — the meme-based cryptocurrency — has seen a huge rise in value in recent weeks, recovering some of the losses from a recent dip.

The news: Binance Custody, a cryptocurrency assets insurance platform, recently added Shiba Inu coin to its platform, allowing more people to have insurance against the cryptocurrency, according to FX Street.

  • Shiba Inu coin jumped about 7% after the announcement, showing a rise in value.

Why it matters: “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,” according to FX Street.

The bigger picture: Analysts at FX Street have found that Shiba Inu coin has done well against geopolitical tensions between Russia and the West.

What’s next: Experts predict that the Shiba Inu coin will hit $0.000088 by the third quarter of 2022, a sign that the coin has some upward movement, as I reported for the Deseret News.



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