Shiba Inu trading volume experiences a significant surge of over 51% as Coinbase, a prominent U.S.-based exchange, prepares to introduce perpetual futures for its institutional clients outside of the United States. This move by Coinbase, the largest exchange in America, will offer new trading options for popular cryptocurrencies such as Bonk (BONK), Floki Inu (FLOKI), and Shiba Inu (SHIB), enhancing flexibility and trading strategies for investors.
The launch of these perpetual futures is scheduled to take place on May 30, 2024, at 9:30 AM UTC. The markets that will be included are 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. These instruments will enable traders to speculate on the prices of these cryptocurrencies without owning the actual assets.
It is important to note that Coinbase plans to introduce these products on its Coinbase International and Coinbase Advanced exchanges. Coinbase International serves as a dedicated platform for institutional clients located outside of the United States, while Coinbase Advanced offers advanced tools for professional traders.
Following this announcement, the trading volume of SHIB has experienced a significant increase of 51.95% in the last 24 hours, reaching a total of $955,251,666. This surge in interest reflects a growing demand for SHIB trading options, making the upcoming launch of 1000SHIB-PERP particularly timely. Currently, SHIB is trading at $0.00002390 on Coinbase.
Just recently, SHIB broke through an 11-week resistance level that had been limiting its price growth for several weeks. This breakout is predicted to potentially lead to a 210% increase, raising its value to $0.000081, just below its all-time high of $0.00008845.
In a report by Crypto Basic, ChatGPT identified ten crucial factors that could drive the value of Shiba Inu up by 285% to reach the $0.0001 mark. One of these factors is the implementation of burn mechanisms, as significant burns of SHIB tokens could decrease the overall supply and increase the value of the remaining circulating tokens.
From a technical perspective, the MACD indicator for SHIB is currently positioned above the zero line at 0.00000013, indicating a bullish trajectory for the SHIB market. Additionally, the MACD’s histogram bars are gradually widening in the green zone, further reinforcing the optimistic sentiment in the SHIB market.
Analyzing the Keltner Channel indicator, SHIB appears to be experiencing less volatility as the Keltner Channel bands are narrowing. This suggests a period of price stability for SHIB before any significant movements.
Disclaimer: This article is provided for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.