Binance’s unwavering endorsement of Shiba Inu, the impending SHIB futures contract by Coinbase Derivatives, and Grayscale’s recognition of the cryptocurrency could herald a substantial surge in its value.
The recent downturn in Shiba Inu’s market performance has left many investors disheartened, leading to a significant dip in its valuation. In a recent slump, the price of Shiba Inu plummeted below the $0.000017 threshold for the first time in a quarter, bottoming out at $0.00001642 on June 24.
At the moment, SHIB’s value has rebounded above the $0.000017 level, with the current trading price standing at $0.00001719. This recovery follows a 1.6% increase in its daily valuation, as per the latest figures from TradingView.
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Three Key Drivers for SHIB’s Price Ascension
Despite the modest uptick, SHIB’s price is still trailing 61.53% behind its March peak of $0.000045. However, there are three pivotal elements that could catalyze a potential upswing for SHIB’s value.
These are Binance’s sustained backing of SHIB, the anticipated regulated futures contract for Shiba Inu by Coinbase Derivatives, and Grayscale’s spotlight on SHIB as one of the market’s top ten most esteemed assets.
Binance’s Persistent Support for SHIB
It’s important to remember that Binance removed the SHIB/TUSD trading pair on June 28 due to insufficient volume and liquidity. This led to some confusion in the media, with reports suggesting that Binance was phasing out SHIB entirely from its platform.
Nonetheless, the Shiba Inu project team refuted these claims, clarifying that only one SHIB trading pair was being discontinued, not the token itself. Binance also reaffirmed that Shiba Inu remains available for trade through various other pairs. Presently, the platform supports eight SHIB trading pairs, such as SHIB/DOGE, SHIB/USDC, and SHIB/USDT.
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The significance of Binance’s ongoing support for SHIB is immense. With a daily trading volume of $9.66 billion, Binance stands as the largest cryptocurrency exchange worldwide.
Coinbase Derivatives’ Forthcoming SHIB Futures Contract
Another potential catalyst for Shiba Inu’s rally is the upcoming regulated futures contract for SHIB by Coinbase Derivatives. As previously reported, the exchange has submitted a proposal to the U.S. CFTC to introduce a SHIB futures contract under a self-certification framework.
The anticipated launch date for this futures contract is set for July 15, offering investors increased access to SHIB in just a fortnight.
Grayscale’s Highlighting of SHIB Among the Market’s Giants
The final element that could significantly boost Shiba Inu’s market price is Grayscale’s recent feature of SHIB among the top ten most valuable cryptocurrencies. At the time of the report, Shiba Inu held a market valuation close to $10 billion, securing the 10th spot with a year-to-date return of 68.2%.
This news has excited Shiba Inu supporters, who view the recognition by Grayscale—a major player in the financial industry—as a noteworthy achievement.
While the factors mentioned above have the potential to drive SHIB’s price upward, it’s crucial to understand that this article serves purely informational purposes and should not be construed as financial advice.
Disclaimer: The information provided here is for educational purposes only and should not be taken as financial advice. The opinions expressed are solely those of the author and do not represent the views of The Crypto Basic. Readers should conduct their own research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.
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