3 Key Factors That Can Ignite a Shiba Inu Rally
Binance’s Persisting Support for Shiba Inu, Coinbase’s Regulated SHIB Futures Contract, and Grayscale’s Recognition of the Asset Could Be the Catalysts for a Significant Price Surge.
Numerous investors were left disappointed with Shiba Inu’s recent performance, resulting in a substantial crash in the token’s value. Last week, the price of Shiba Inu dropped below $0.000017, marking its lowest point in three months, hitting a nadir of $0.00001642 on June 24.
Currently, SHIB is trading above the $0.000017 mark, with a single unit priced at $0.00001719 at the time of writing. This recovery comes after the token experienced a modest gain of 1.6% in one day, according to data from TradingView.
Despite this incremental rally, SHIB remains 61.53% below its peak in March when it reached $0.000045. However, several crucial factors could pave the way for a potential rally in SHIB.
Firstly, Binance’s unwavering support for SHIB is a significant factor. Although Binance delisted the SHIB/TUSD spot trading pair due to low volume and liquidity on June 28, it is important to note that this action did not represent a complete delisting of the token from the platform. Binance clarified that it merely removed one SHIB spot trading pair, and users can still trade Shiba Inu through other spot pairs. Furthermore, with a 24-hour volume of $9.66 billion, Binance remains the largest cryptocurrency trading platform globally.
Secondly, Coinbase Derivatives’ announcement of an upcoming, regulated futures contract for SHIB could also fuel a potential rally. Coinbase has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch this futures contract under a self-certification model. The anticipated listing date is July 15, providing investors with increased exposure to SHIB.
Lastly, Grayscale’s recognition of SHIB as one of the top 10 most valuable tokens in the market could contribute to a significant uptick in its price. With a valuation of approximately $10 billion and a year-to-date return of 68.2%, SHIB ranked 10th in Grayscale’s spotlight. This acknowledgment by Grayscale, a prominent player in the financial sector, has garnered positive reactions from Shiba Inu enthusiasts.
It is important to remember that the factors mentioned above have the potential to drive SHIB’s price towards a potential rally. However, this article is solely for informational purposes and should not be construed as financial advice.