Shiba Inu (SHIB) July started positively, with a number of statistics in the chain sending a bullish signal for the second largest meme coin by market cap. These bullish developments could provide a much-needed turnaround for the meme coin, which is a June to forget.
SHIB’s burn rate increases by 16.854%
Facts of the Shibburn burn tracking website shows that the Shiba Inu burn rate has increased by more than 16,854% in the last 24 hours, with more than 300 million Shiba Inu tokens burned during this period. This is huge for the meme coin considering its positive impact symbolic burns have at its price. These token burns help reduce the circulating supply of SHIB, which ultimately drives up its price, especially as demand for the meme coin increases.
Related reading
Interestingly, on-chain data shows that demand for Shiba Inu is on the rise, with investors regaining their bullish sentiment towards the meme coin and looking to increase their positions. This is based on data from the Market information platform IntoTheBlockshowing that the concentration metric has turned bullish, meaning Shiba Inu whales and investors are increasing their positions.
The demand for Shiba Inu is also reflected in the volume of spot and derivatives trading, which has increased sharply since the beginning of this month. Data from CoinMarketCap shows that more than $191 million worth of SHIB has been traded in the last 24 hours. Additionally, facts from Coinglass shows that SHIB’s derivatives trading volume has increased by 170% in the last 24 hours.
The increased demand for Shiba Inu is also significant, considering how much the meme coin dropped in June due to the Shiba Inu whales repaid a significant amount of their possessions. The meme coin also took a major hit in June due to its strong positive price correlation with Bitcoin.
However, Shiba Inu is expected to enjoy a price recovery as the flagship crypto rebounds well. History also suggests that this month will be bullish for the meme coin facts from Cryptorank showing that SHIB has finished in the green for the past two Julys.
Shiba Inu bullish fundamentals
Coinbase Derivatives already is finalizing plans to launch the first ever US regulated Shiba Inu futures contract. The crypto exchange revealed in its submit to the Commodity Trading Futures Commission (CFTC) that it plans to list SHIB’s future contacts on or after July 15. This move is bullish as it could help expand the meme coin’s adoption, especially among institutional investors.
Related reading
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 hinted at various times that the Securities and Exchange Commission (SEC) It is unlikely that a Spot crypto ETF will be approved without a regulated futures market.
Featured image created with Dall.E, chart from Tradingview.com
