Shiba Inu (SHIB) has seen a significant increase in its price and trading volume in July, indicating a positive start to the month for the popular meme coin. One of the key metrics that has shown a bullish signal for SHIB is the burn rate, which has surged by an impressive 16,854% in the last 24 hours. This spike in the burn rate has resulted in over 300 million SHIB tokens being burned, which could potentially lead to an increase in the coin’s price due to a decrease in its circulating supply.
Investors have also shown renewed interest in Shiba Inu, with on-chain data indicating a rise in demand for the meme coin. The concentration metric, which measures the concentration of SHIB whales and investors, has turned bullish, suggesting that investors are adding to their positions. Additionally, both spot and derivatives trading volumes for SHIB have seen a significant increase since the beginning of July, with over $191 million in SHIB traded in the last 24 hours.
The positive developments for Shiba Inu come after a challenging month of June, during which the meme coin experienced a decline in price due to whales offloading their holdings and a strong positive price correlation with Bitcoin. However, with Bitcoin showing signs of recovery, Shiba Inu is expected to follow suit and potentially enjoy a price rebound in the coming weeks.
In addition to the increase in demand and trading volume, Shiba Inu is also set to benefit from the listing of the first-ever US-regulated SHIB futures contract on Coinbase Derivatives. This move is expected to expand the adoption of SHIB, particularly among institutional investors, and could pave the way for the launch of a Shiba Inu Spot ETF in the future.
Overall, the bullish fundamentals surrounding Shiba Inu point towards a positive outlook for the meme coin in July. With increasing demand, trading volume, and the potential for new investment products, SHIB could be on track for a price recovery and further growth in the market.
As always, investors are advised to conduct their own research and consider the risks associated with investing in cryptocurrencies before making any investment decisions. It’s essential to stay informed and make educated choices in the ever-evolving crypto market landscape.