- Latin American cross-border payments are identified as major markets to help in the mainstream adoption of digital assets.
- The Shiba Inu ecosystem with over 1.3 million holders has significantly grown since the launch of the Shibarium L2 network and has over 28M BONE staked.
Earlier this month, the leading cryptocurrency exchange by registered users and daily traded volume, Binance, announced the introduction of Send Cash in Latin America. Notably, the Send Cash feature will tap on the Binance Pay product to enable users to seamlessly transfer money through nine Latin American nations including Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico.
The announcement was a breakthrough on more than 70 crypto assets that are supported by Binance Pay as they will enjoy more utility amid the mainstream adoption of digital assets. The largest beneficiaries include the meme coins supported like Dogecoin (DOGE) and Shiba Inu. Furthermore, the meme coin industry has enjoyed similar regulatory success in most jurisdictions like Bitcoin.
Send money to family and friends in Latin America with our new product, Send Cash.
You can now transfer crypto via #Binance Pay from 9 countries in the region, allowing your loved ones to receive funds directly into their bank accounts.
Explore below ⬇️https://t.co/jsV2f8RQSM
— Binance (@binance) September 1, 2023
What the Binance Expansion Means to Shiba Inu Ecosystem
The Shiba Inu (SHIB) ecosystem has experienced significant growth in the past year, despite the negative impacts of the bear market. The recent launch of the Shibarium layer two scaling solution that taps into Ethereum and Polygon has proved to be a huge turning point for the second-largest meme coin.
Furthermore, more Dapps and DeFi projects can scale through the Shiba Inu ecosystem. Notably, the Shiba Inu holders can now pay for products in merchants that accept the Binance Pay.
“This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to develop new ways of using crypto in everyday life. Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face and, from Binance, we continue to work to respond to them with products that fit those local needs,” Min Lin, Regional VP for Latin America at Binance, noted.
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SHIB Market Outlook and Price Analysis
According to the latest crypto market data from Tradingview and Binance-backed Coinmarketcap, Shiba Inu’s price exchanged around $0.00000725 on Monday, down approximately 14 percent in the past 30 days. From a technical standpoint, Shiba Inu’s price is preparing for an imminent reversal after experiencing heightened liquidation last year. YTD, the meme coin has dropped about 10 percent compared to 64 percent in 2022.
With a possible head and shoulder (H&S) formation on the weekly time frame coupled with a bullish RSI divergence, the meme coin is undeniably a huge opportunity for future bull markets.
The bullish outlook could, however, be invalidated if the meme coin continues to drop in the coming weeks below the current support zone. In this regard, the capitulation could be heavily influenced by the Bitcoin price action.
