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Shiba Inu on the Rise: Key Catalysts for a Potential Price Surge

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Shiba Inu's Trillion-Dollar Vision: Inside SHIB's Ambitious Roadmap

Binance’s continued support for Shiba Inu, Coinbase’s upcoming regulated SHIB futures contract, and Grayscale’s recent mention of the asset could spark a significant rally. Many investors have felt disappointed with Shiba Inu’s recent performance, which led to a massive price crash. Last week, Shiba Inu’s price dipped below $0.000017 for the first time in three months, hitting a low of $0.00001642 on June 24.

Source: TradingView

However, SHIB currently trades above the $0.000017 mark, with a unit trading at $0.00001719. This follows a 1.6% daily surge, according to TradingView data. Despite this slight rally, SHIB remains 61.53% below its March high of $0.000045. Nevertheless, three major factors can still drive SHIB’s potential rally: Binance’s continued support of SHIB, Coinbase Derivatives’ upcoming regulated futures contract for Shiba Inu, and Grayscale highlighting SHIB among the top 10 most valuable assets.

Binance’s Continued Support Of SHIB

Binance recently delisted the SHIB/TUSD spot trading pair on June 28 due to low volume and liquidity. Some media outlets misconstrued this announcement, suggesting Binance was delisting SHIB entirely. However, the Shiba Inu ecosystem team clarified that Binance only removed one SHIB spot trading pair and did not delist the token completely. 

Related article: Shiba Inu Community Burns 900M SHIB in June 2024

Binance’s further statement confirmed that users could still trade Shiba Inu via other spot trading pairs. Currently, the exchange supports eight SHIB spot pairs, including SHIB/DOGE, SHIB/USDC, and SHIB/USDT. Binance’s continuous support of SHIB remains crucial, given its status as the world’s largest crypto trading platform with a 24-hour volume of $9.66 billion.

Coinbase Derivatives To Launch Regulated SHIB Futures Contract

Another factor that could trigger Shiba Inu’s potential rally is Coinbase Derivatives’ upcoming regulated futures contract for SHIB. Coinbase filed an application with the U.S. CFTC to launch a futures contract for SHIB under a self-certification model. The fund’s potential listing date is scheduled for July 15, giving investors more exposure to SHIB.

Related article: Shiba Inu: Analyst Signals Buy Zone, Predicts Price Surge

Finally, Grayscale recently spotlighted SHIB among the top 10 most valuable tokens in the market. Shiba Inu, with a valuation of approximately $10 billion at the time, ranked 10th with a year-to-date return of 68.2%. This development stirred reactions among Shiba Inu enthusiasts, many of whom described it as remarkable, given Grayscale’s relevance in the financial sector.

These factors could indeed drive SHIB’s price towards a potential rally. However, it’s crucial to remember that this article is for informational purposes only and should not be considered financial advice.

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London, London, 18th June 2024, Chainwire