Shiba Inu (SHIB) July started on a positive note, with many Scales on the chain Drawing a bullish signal for the second largest meme coin by market cap. These bullish developments could provide a much-needed turnaround for the meme coin, which has been June to forget.
SHIB burn rate increased by 16,854%
Data from Shepburn Burn Tracking Site It shows that the Shiba Inu burn rate has increased by over 16,854% in the last 24 hours, with over 300 million Shiba Inu tokens being burned during this period. This is huge for the meme coin, given the positive impact it has had. burn code These token burns affect the price of SHIB. These token burns help reduce the circulating supply of SHIB, which ultimately leads to an increase in its price, especially if the demand for the meme coin is on the rise.
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Interestingly, on-chain data shows that demand for Shiba Inu is on the rise, as investors regain their bullish sentiment towards the meme coin and look to add to their positions. This is based on data from IntoTheBlock Market Intelligence Platformwhich shows that the concentration gauge has become bullish, meaning that Shiba Inu whales and investors are adding to their positions.
The demand for Shiba Inu is also evident in its trading volume in the spot and derivatives markets, which have increased significantly since the beginning of this month. Data from CoinMarketCap Offers Over $191 million in SHIB has been traded in the past 24 hours. Additionally, Data Coinglass data shows that SHIB derivatives trading volume has increased by 170% in the past 24 hours.
The growing demand for Shiba Inu is also significant, given how much the meme coin fell in June due to Shiba Inu whales. A large amount was unloaded. The meme coin also took a hit in June due to its strong positive correlation with the price of Bitcoin.
However, the Shiba Inu price is expected to recover as the leading cryptocurrency recovers well. History also suggests that this month will be bullish for the meme coin, with Data From Cryptorank it appears that SHIB ended the last month of July in the green.
Shiba Inu Stock Bullish Fundamentals
Coinbase derivatives already exist finalize plans To list the first-ever regulated Shiba Inu futures contract in the United States. The cryptocurrency exchange revealed in its statement Submit files The Commodity Futures Trading Commission (CFTC) has announced that it plans to list future SHIB tokens on or after July 15. This move is bullish as it could help expand the adoption of meme coins, especially among Institutional Investors.
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Furthermore, the listing of a regulated futures market for SHIB could pave the way for the launch of Shiba Inu ETFBloomberg analysts James Seifart and Eric Balchunas have noted at various times that Securities and Exchange Commission (SEC) Central banks are unlikely to approve a spot cryptocurrency ETF without a regulated futures market.
Featured image created using Dall.E, chart from Tradingview.com