Shiba Inu Starts July On A High Note: Burn Rate Surges 16,854%, Trading Volume Rises 170%

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As an experienced financial analyst, I’m excited to see Shiba Inu (SHIB) bouncing back in July with several positive on-chain metrics indicating a bullish trend for the meme coin. The recent surge in SHIB’s burn rate of over 16,854% in the last 24 hours, resulting in the burning of over 300 million tokens, is a significant development that could potentially drive up its price due to decreased circulating supply and rising demand.

Shiba Inu (SHIB) started July in an optimistic manner, as various on-chain indicators pointed towards a bullish trend for the second largest meme cryptocurrency by market capitalization. These encouraging signs may bring about the desired reversal for SHIB, which experienced a disappointing month of June.

SHIB’s Burn Rate Surges By 16,854%

The Shibburn data report reveals a staggering 16,854% increase in Shiba Inu’s burn rate within the last 24 hours, resulting in approximately 300 million SHIB tokens being incinerated during this timeframe. Such a surge is noteworthy for the meme coin, as token burns contribute positively to its value by reducing the overall circulating supply. With heightened demand for Shiba Inu, the price is further amplified due to the scarcity resulting from these burn events.

As a crypto investor, I’ve noticed an intriguing trend in the on-chain data for Shiba Inu. According to the Market Intelligence platform IntoTheBlock, the demand for this meme coin is surging. This is evident from the bullish sentiment among investors, who are eagerly looking to boost their holdings of Shiba Inu. The concentration metric, a valuable indicator provided by the platform, has turned bullish. This signifies that large Shiba Inu holders, or whales, and other investors are actively buying and adding to their positions.

The interest in Shiba Inu is clear as its trading volume and derivative markets have experienced significant increases. According to CoinMarketCap, approximately $191 million worth of Shiba Inu was traded within the past day. Furthermore, Coinglass reports a notable jump of 170% in SHIB‘s derivatives trading volume over the same timeframe.

The significant rise in interest for Shiba Inu is noteworthy, given that the meme coin experienced a large decline in June. This downturn can be attributed to both the massive sell-offs by Shiba Inu “whales,” and its close connection to Bitcoin‘s price movements.

Shiba Inu could experience a price increase as Bitcoin recovers strongly. Historically, the meme coin has shown positive trends in July, with Cryptorank’s data indicating that SHIB ended the previous two Julys with gains.

Shiba Inu Bullish Fundamentals

As a researcher studying the cryptocurrency market, I’m excited to share that Coinbase Derivatives is making preparations to introduce the first regulated Shiba Inu futures contracts in the United States. According to their recent filing with the Commodity Futures Trading Commission (CFTC), they aim to list SHIB‘s future contracts starting from July 15. This development is optimistic as it may broaden the reach of this meme coin, particularly among institutional investors.

Additionally, establishing a regulated futures market for SHIB could pave the way for the creation of a Shiba Inu Spot Exchange-Traded Fund (ETF). According to Bloomberg analysts James Seyffart and Eric Balchunas, the Securities and Exchange Commission (SEC) might be reluctant to authorize a crypto Spot ETF in the absence of a regulated futures market.

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2024-07-02 17:10