Shiba Inu (SHIB) started July on a positive note, with a few metrics in the chain painting a bullish signal for the second largest meme coin by market cap. These bullish events could provide a much-needed turnaround for the meme coin that had June to forget.
SHIB burnout rate increases by 16,854%
Data With Shibburn burn tracking website shows that the Shiba Inu burn rate has increased by over 16,854% in the last 24 hours, and over 300 million Shiba Inu tokens have been burned during this period. This is a huge value for the meme coin, considering the positive impact symbolic burns have an impact on its price. These token burns support reduce the supply of SHIB in circulation, which ultimately raises its price, especially if demand for the meme coin increases.
Interestingly, on-chain data shows that demand for Shiba Inu is growing, with investors regaining bullish sentiment towards the meme coin and looking to raise their positions. This is based on data from IntoTheBlock Market Intelligence Platformwhich shows that the concentration ratio has turned bullish, which means that Shiba Inu whales and investors are increasing their positions.
Demand for the Shiba Inu is also evident in spot and derivatives trading volumes, which have surged since the beginning of this month. Data from CoinMarketCap to introduce that over $191 million was exchanged in SHIB in the last 24 hours. Additionally, data Coinglass shows that SHIB derivatives trading volume has increased by 170% in the last 24 hours.
The raise in demand for Shiba Inu is also significant considering how much the value of the meme coin dropped in June due to the Shiba Inu whales that sold a significant amount their resources. The meme coin also suffered badly in June due to its mighty positive price correlation with Bitcoin.
However, the Shiba Inu is expected to see a price rebound as the flagship cryptocurrency bounces back nicely. History also suggests that this month will be bullish for the meme coin, with data from Cryptorank showing that SHIB ended the last two Julys in the black.
Shiba Inu Bull Basics
Coinbase Derivatives is here finalizing plans to list the first-ever U.S.-regulated Shiba Inu futures contract. The cryptocurrency exchange revealed in its sawing to the Commodity Futures Trading Commission (CFTC) that it plans to list SHIB futures on or after July 15. The move is bullish because it could support boost adoption of the meme coin, especially among institutional investors.
In addition, the introduction of a regulated futures market for SHIB could also prepare the ground for the launch Shiba Inu Spot ETFBloomberg analysts James Seyffart and Eric Balchunas have at various times suggested that Securities and Exchange Commission (SEC) it is unlikely to approve a spot cryptocurrency ETF without a regulated futures market.
Featured image created with Dall.E, chart from Tradingview.com
