$ SHIB: The Shiba Army can now lend and borrow on the non-custodial Euler platform

Ethereum-based non-custodial lending protocol Euler finance added Shiba Inu ($ SHIB) to its supported assets, effectively allowing holders of the meme-inspired cryptocurrency to borrow using their holdings, or lend them to earn interest.

According to a social media announcement, Euler users can now use Shiba Inu for a number of scenarios beyond just borrowing and lending. As Euler pointed out, users can even hedge their positions by borrowing and short selling, or take advantage of arbitrage opportunities.

The lending platform pointed out that SHIB hosts a “dedicated community that has taken the token from a coin to a vibrant ecosystem with a market capitalization of nearly $ 16 billion.” The listing comes after SHIB was listed on several centralized trading platforms, including India’s first cryptocurrency unicorn.

Zebpay, India’s oldest cryptocurrency trading platform, listed SHIB, saying it “inspired millions around the world to fund and fund a coin with a dog photo on it.”

The price of the Shiba Inu skyrocketed last year amid a coin-driven retail frenzy, but has been in free fall since late October. The CEO of popular cryptocurrency trading platform KuCoin, Johnny Lyu, has suggested that the memes-inspired cryptocurrency is worth holding onto for the long term, despite its falling prices.

Lyu said retail investors are “very passionate about these tokens and are determined to push the prices up.” Despite Shiba Inu’s plunge, Lyu said he would hold onto the cryptocurrency for the long term with bitcoin and DOGE. In his words, BTC can act as a hedge against inflation, while the same tokens represent the power of their communities.

These communities have mobilized in particular to support tokens. As CryptoGlobe reported in early December, only 59% of Shiba Inu’s initial supply was still in circulation, as a total of 410.29 trillion SHIBs had been burnt since the cryptocurrency’s launch.

Earlier this month, a total of nine companies pledged to use a portion of their profits to burn tokens of the memes-inspired cryptocurrency to further reduce its circulating supply.

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries the risk of financial loss.

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