Shiba Inu (SHIB) started July on a positive note, with several metrics in the chain painting a bullish signal for the second-largest meme coin by market cap. These bullish developments could provide the much-needed turnaround for the meme coin, which has seen a June to forget.
SHIB burn rate increases by 16,854%
Data in Shibburn burn tracking website 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 burned during this period. This is huge for the meme coin, given the positive impact it has had on symbolic burns has on its price. These token burns help decrease the circulating supply of SHIB, which ultimately increases its price, especially if demand for the meme coin is increasing.
Related Reading
Interestingly, on-chain data shows that demand for Shiba Inu is increasing, with investors regaining their bullish sentiment towards the meme coin and looking to add to their positions. This is based on data from IntoTheBlock Market Intelligence Platformwhich shows that the concentration metric has turned bullish, meaning that Shiba Inu whales and investors are increasing their positions.
The demand for Shiba Inu is also evident in its spot and derivatives trading volume, which has skyrocketed since the beginning of this month. Data from CoinMarketCap show that over $191 million worth of SHIB was traded in the last 24 hours. Additionally, data Coinglass’s data shows that SHIB derivatives trading volume has increased by 170% in the past 24 hours.
The increase in demand for Shiba Inu is also significant considering how much the meme coin dropped in June due to Shiba Inu whales discharged a considerable amount of their holdings. The meme coin also took a heavy hit in June due to its strong positive price correlation with Bitcoin.
However, Shiba Inu is expected to enjoy a price recovery as the top crypto is recovering well. History also suggests that this month will be bullish for the meme coin, with data from Cryptorank showing that SHIB ended the last two months of July in the green.
Bullish Shiba Inu Fundamentals
Coinbase Derivatives is now finalizing plans to list the first US-regulated Shiba Inu futures contract. The crypto exchange revealed in its archiving to the Commodity Trading Futures Commission (CFTC) that it plans to list SHIB futures on or after July 15. This move is bullish as it could help expand adoption of the meme coin, especially among institutional investors.
Related Reading
![Shiba Inu starts July on a high note: consumption rate increases by 16,854%, turnover increases by 170% 1 Shiba Inu](https://thegurumedia.com/wp-content/uploads/2024/07/Shiba-Inu.png)
Furthermore, the listing of a regulated futures market for SHIB could also pave the way for the launch of a Shiba Inu Spot ETF. Bloomberg analysts James Seyffart and Eric Balchunas have suggested at different times that the Securities and Exchange Commission (SEC) It is unlikely to approve a spot crypto ETF without a regulated futures market.
Featured image created with Dall.E, chart from Tradingview.com