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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Shiba Inu Starts July On A High Note: Burn Rate Surges 16,854%, Trading Volume Rises 170%

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Shiba Inu

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Shiba Inu (SHIB) has begun July on a positive note, with several on-chain metrics painting a bullish signal for the second-largest meme coin by market cap. These bullish developments could provide the much-needed turnaround for the meme coin, which had a June to forget. 

SHIB’s Burn Rate Surges By 16,854%

Data from the burn tracking website Shibburn shows that Shiba Inu’s burn rate spiked by over 16,854% in the last 24 hours, with over 300 million Shiba Inu tokens burned during this period. This is massive for the meme coin, given the positive impact the token burns have on its price. These token burns help decrease SHIB’s circulating supply, which ultimately drives up its price, especially if the demand for the meme coin is on the rise. 

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Interestingly, on-chain data shows that the demand for Shiba Inu is rising, with investors regaining their bullish sentiment towards the meme coin and looking to add to their positions. This is based on data from the Market Intelligence platform IntoTheBlock, which shows that the concentration metric has turned bullish, meaning that Shiba Inu whales and investors are adding to their positions. 

The demand for Shiba Inu is also evident in its spot and derivatives trading volume, which have spiked since the beginning of this month. Data from CoinMarketCap shows that over $191 million in SHIB was traded in the last 24 hours. Additionally, data from Coinglass shows that SHIB’S derivatives trading volume has surged by 170% in the last 24 hours. 

The increased demand for Shiba Inu is also significant, considering how much the meme coin declined in June due to the Shiba Inu whales who offloaded a considerable amount of their holdings. The meme coin also took a severe hit in June because of its strong positive price correlation with Bitcoin. 

However, Shiba Inu is expected to enjoy a price recovery as the flagship crypto is rebounding nicely. History also suggests that this month will be bullish for the meme coin, with data from Cryptorank showing that SHIB has ended the last two Julys in the green. 

Shiba Inu Bullish Fundamentals

Coinbase Derivatives is already finalizing plans to list the first-ever US-regulated Shiba Inu futures contract. The crypto exchange revealed in its filing 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.

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Shiba Inu
Source: Coinbase

Furthermore, listing a regulated futures market for SHIB could also set the stage for the launch of a Shiba Inu Spot ETF. Bloomberg analysts James Seyffart and Eric Balchunas have hinted at different times that the Securities and Exchange Commission (SEC) is unlikely to approve a Spot crypto ETF without a regulated futures market. 

Shiba Inu price chart from Tradingview.com
SHIB price recovers | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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