Shiba Inu trading volume experiences a significant surge of more than 51% as Coinbase, the largest exchange in America, prepares to launch perpetual futures for its institutional clients outside the United States. This announcement from Coinbase introduces new trading options for three popular cryptocurrencies: BONK, FLOKI, and SHIB, enhancing flexibility and trading strategies for investors.
The launch of these perpetual futures is scheduled for May 30, 2024, at 9:30 AM UTC. The markets that will be included are 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. These instruments allow traders to speculate on the prices of these cryptocurrencies without actually owning the assets.
It is worth noting that Coinbase plans to introduce these products on their Coinbase International and Coinbase Advanced exchanges. Coinbase International serves as the dedicated platform for institutional clients outside the United States, while Coinbase Advanced offers advanced tools for professional traders.
Following this news, the trading volume of SHIB experiences a significant increase of 51.95% in the last 24 hours, totaling $955,251,666. This surge in interest indicates a growing demand for SHIB trading options, making the upcoming launch of 1000SHIB-PERP particularly timely. Currently, SHIB is trading at $0.00002390 on Coinbase.
Just two days ago, SHIB surpassed an 11-week resistance that had impeded its price growth for several weeks. According to a report by The Crypto Basic, this breakthrough could potentially lead to a 210% increase, with its value reaching $0.000081, slightly below its all-time high (ATH) of $0.00008845.
In another report by Crypto Basic, ChatGPT identified ten key factors necessary to drive the value of Shiba Inu up by 285% to reach the $0.0001 mark. One of these factors is the implementation of burn mechanisms. By burning a significant number of SHIB tokens, the overall supply can be reduced, thereby increasing the value of the remaining circulating tokens.
From a technical standpoint, the MACD indicator shows a bullish trajectory for the SHIB market, with the indicator positioned above the zero line at 0.00000013. Additionally, the histogram bars of the MACD are gradually widening in the green zone, further reinforcing the optimistic sentiment of the SHIB market.
Examining the Keltner Channel indicator, SHIB appears to be experiencing less volatility as the Keltner Channel bands narrow. This suggests a period of price stability for SHIB before any significant movements occur.
Disclaimer: This article provides informational content and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.