Continued support for the Shiba Inu from Binance, a regulated SHIB futures contract on Coinbase, and a mention of the asset by Grayscale could set the stage for a significant rally.
Many investors have been disappointed with Shiba Inu’s recent performance, causing a massive collapse in the token’s price. Last week, Shiba Inu’s price fell below $0.000017 for the first time in three months, hitting a low of $0.00001642 on June 24.
SHIB is currently above the $0.000017 mark, with a unit trading at $0.00001719 at press time. This comes after the token experienced a 1.6% daily jump, according to TradingView data.
3 Factors That Can Affect SHIB Price
Despite the slight gain, SHIB is still 61.53% below its March high of $0.000045. However, three major factors could still pave the way for potential growth in SHIB.
These include Binance’s continued support for SHIB, Coinbase Derivatives’ upcoming regulated Shiba Inu futures contract, and Grayscale’s inclusion of SHIB in the top 10 most valuable assets in the market.
Binance Continues to Support SHIB
To recap, Binance delisted SHIB/TUSD on June 28, citing low volume and liquidity. As a result, some media outlets misinterpreted the announcement, suggesting that Binance was delisting SHIB from its platform.
However, the Shiba Inu ecosystem team has dismissed this claim, clarifying that Binance is only removing one SHIB spot trading pair, rather than delisting the token entirely. A further statement from the exchange also confirms that users can still trade Shiba Inu through other spot trading pairs. At press time, the exchange supports eight SHIB spot trading pairs, including SHIB/DOGE, SHIB/USDC, and SHIB/USDT.
Binance’s continued support for SHIB cannot be overstated. The exchange boasts a 24-hour volume of $9.66 billion, making it the largest crypto trading platform in the world.
Coinbase Derivatives to Launch Regulated SHIB Futures Contract
Another factor that could trigger potential growth for the Shiba Inu is Coinbase Derivatives’ upcoming regulated SHIB futures contract. As previously reported, the exchange has filed an application with the US CFTC to launch a SHIB futures contract under a self-certification model.
The fund’s potential listing date is scheduled for July 15, two weeks from now, giving investors more opportunities to invest in SHIB.
Grayscale Highlights SHIB Among Top 10 Most Valuable Assets
The final factor that could trigger a sharp rise in the price of Shiba Inu is Grayscale’s recent inclusion of SHIB in the top 10 most valuable tokens in the market. Shiba Inu, valued at around $10 billion at press time, ranked 10th with a year-to-date (YTD) return of 68.2%.
The move sparked a furor among Shiba Inu enthusiasts, many of whom called the achievement remarkable given Grayscale’s importance in the financial sector.
While the above factors may push the SHIB price to potential growth, it is important to note that this article is for informational purposes only. Therefore, it should not be taken as financial advice.
