As July rolls in, the Shiba Inu (SHIB) cryptocurrency has set off down an auspicious path. Several telling on-chain metrics signal a bullish trend for this meme-inspired currency, NEWS perhaps aiding its rebound from a disappointing June performance. The second-largest meme coin by market cap shows signs of significant advancement that could hold tremendous implications for its trajectory.
The Shiba Inu burn rate demonstrated a jaw-dropping surge of 16,854% in just the past day. This recent flurry of activity burned more than 300 million Shiba Inu tokens. For Shiba Inu, the profound effects of such a turnout are not trivial, as token burns have a direct, positive bearing on the coin’s price. By reducing SHIB’s circulating supply, the cost per token sees an upward drive if the demand for the cryptocurrency is also trending upward.
Data provides hints that demand for Shiba Inu is indeed on the rise. On-chain intelligence reflects a renewed bullish sentiment among investors. It appears that cryptocurrency buyers are once more looking to strengthen their holdings of the famous meme coin. Market Intelligence platform IntoTheBlock’s data illuminates the changing tide. It shows that the concentration metric, an indicator of the behavior of Shiba Inu whales and investors, has turned bullish – a clear sign that they’re adding weight to their positions.
The spot and derivatives trading volume of Shiba Inu offer further evidence of the coin’s budding demand. A marked increase has been witnessed since the month’s beginning. According to CoinMarketCap data, more than $191 million in SHIB changed hands in the last day alone. Coinglass data chimes in with these findings as it shows a colossal 170% surge in SHIB’s derivatives trading volume in just the last 24 hours.
Amid this rise in demand, it’s important to remember the ups and downs the meme token experienced in June. Heavy sales by Shiba Inu whales significantly dropped its value. The proverbial salt in the wound came due to its strong positive price correlation with Bitcoin, leading to further losses.
However, Shiba Inu’s forlorn times in June may be receding as the flag-bearer cryptocurrency, Bitcoin, starts to show a robust rebound. Historical trends suggest that July could be a favorable month for the meme coin. Data from Cryptorank confirms that Shiba Inu ended its last two Julys in an optimistically bright green.
An exciting development that further strengthens the token’s bullish position is Coinbase Derivative’s impending listing of the first-ever U.S-regulated Shiba Inu futures contract. According to its submission with the Commodity Trading Futures Commission (CFTC), the crypto exchange plans to list SHIB’s future contracts on or after July 15. This action is significant as it could extend Shiba Inu’s adoption, particularly among institutional investors.
Adding further fuel to the bullish case, the potential of a Shiba Inu Spot ETF could be next in line if a regulated futures market for SHIB comes to fruition. Bloomberg analysts James Seyffart and Eric Balchunas have broadly hinted on multiple instances that the Securities and Exchange Commission (SEC) would hold back approval of a Spot crypto ETF without a pre-existing regulated futures market.
Conclusively, the Shiba Inu coin, once the butt of memes, now exhibits resiliency and optimism for a promising future. As an emblem of bullish fundamentals, this meme coin embodies an unexpected and fascinating journey in the unpredictable world of cryptocurrencies.
 shows bullish trend with increased burn rate and trading volume. Expect a potential rise with its adoption by institutional investors.){kind=link}