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[DigitalToday reporter Yoonseo Lee (이윤서)] U.S. cryptocurrency exchange UEX.US has listed Shiba Inu (SHIB) and rolled out deposit rewards and collateral loan services.
On Aug. 19 (local time), blockchain media outlet The Crypto Basic reported that UEX.US users can trade SHIB against the stablecoin USDT and major assets. They can also buy the token using PayPal, bank transfers and card payments.
UEX.US introduced a deposit reward for SHIB with an annual percentage yield of 4.5 percent from the first day of listing. It also supports a feature that allows users to borrow up to 90 percent of an asset’s value by using their SHIB as collateral without selling it. This expanded SHIB’s range of use by adding deposit and loan services.
The expansion of trading channels for SHIB is also drawing attention. Shiba Inu was listed about a week ago on Australia-based exchange FrameEx, and the price at the time rose as high as $0.00001004.
Some market indicators also suggested the possibility of improved investor sentiment. On-chain analytics firm Santiment’s social dominance indicator has been recovering since Aug. 16 and posted 0.016 percent on the day. This means SHIB-related conversations are again taking up a larger share of the broader cryptocurrency market.
Derivatives indicators also showed a shift in short-term investor sentiment. Coinglass data showed SHIB’s long-short ratio at 1.01. With the ratio slightly above 1, long positions appeared to hold a slim edge over short positions.
Funding rates also turned positive. SHIB funding rates turned positive on Aug. 18 and rose to 0.0087 percent on Aug. 19. A positive funding rate means holders of long positions pay a fee to holders of short positions, indicating relatively stronger demand for bets on gains.
Technically, whether SHIB can hold the $0.0000043 support level is seen as a short-term turning point for a rebound. SHIB retested that zone on Aug. 18 and moved above $0.0000044 as buying interest flowed in. If the uptrend continues, the next target is expected to be the 50-day exponential moving average around $0.0000046.
Momentum indicators also showed signs that the downtrend is easing. The relative strength index stood at 46, close to the neutral level of 50. This suggests downside momentum is weakening, but it is not yet time to confirm a clear shift to an uptrend. The moving average convergence divergence indicator also showed bearish pressure easing as the red histogram shrank.
Still, the rebound is not yet solid. If SHIB falls below $0.0000043 on a daily closing basis, the short-term bullish setup could break down. In that case, it could again face downward pressure toward the psychological support level of $0.0000040.
The key point of this UEX.US listing is that it has expanded SHIB’s range of use by offering deposit rewards and collateral loans. As signs of a price rebound emerge and service access expands, SHIB users now have more choices in both trading and asset management.
Shiba Inu is live on https://t.co/T5TqtKsM5e.
The self-styled Dogecoin killer, built by the Shib Army into a full ecosystem: Shibarium, ShibaSwap, and one of the largest communities in crypto.
Trade $SHIB against USDT and the majors. Buy it with PayPal, wire, or card. Earn 4.5%… pic.twitter.com/FWN2vPnsYz
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Yoonseo Leeyslee@d-today.co.kr
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#UEX.US#Shiba Inu#USDT#Santiment#CoinglassCopyright © DigitalToday. All rights reserved. Unauthorized reproduction and redistribution are prohibited.
Source: www.digitaltoday.co.kr