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Shiba Inu Volume Soars 51% as Coinbase Launches SHIB Futures for Institutions

source-logo  thecryptobasic.com 24 May 2024 10:26, UTC

Shiba Inu trading volume surges more than 51% as US-based Coinbase exchange prepares to launch perpetual futures for its institutional clients outside the U.S.

America’s largest exchange Coinbase has announced the addition of new perpetual futures for three popular cryptocurrencies: Bonk (BONK), Floki Inu (FLOKI), and Shiba Inu (SHIB). These new trading options are set to boost flexibility and trading strategies for investors.

@CoinbaseIntExch will add support for Bonk, FLOKI, and Shiba Inu perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP markets will begin on or after 9:30am UTC 30 MAY 2024. $BONK $FLOKI $SHIB pic.twitter.com/TNNAFEjtHH

— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) May 23, 2024

Scheduled to commence at 9:30 AM UTC on May 30, 2024, the launch will include the markets 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. These instruments are designed to provide traders with the opportunity to speculate on the prices of these cryptocurrencies without the need to own the actual assets.

Notably, Coinbase plans to launch the products on their Coinbase International and Coinbase Advanced exchanges. Coinbase International is the company’s dedicated platform that caters to institutional clients outside the United States, while its Advanced platform features sophisticated tools for professional traders.

SHIB Volume Spikes 51%

Following the news, SHIB has exhibited a 51.95% uptick in its trading volume in the last 24 hours, amounting to $955,251,666. This surge in interest indicates a growing demand for SHIB trading options, making the upcoming launch of 1000SHIB-PERP particularly timely. As of press time, SHIB is trading at $0.00002390 on Coinbase.

Just two days ago, as reported by The Crypto Basic, SHIB broke through an 11-week resistance that had limited its price growth for several weeks. The report further predicts that this breakout could result in a 210% increase, potentially raising its value to $0.000081, just below its all-time high (ATH) of $0.00008845.

In a similar report by Crypto Basic, ChatGPT identified ten key factors necessary to drive Shiba Inu’s value up by 285% to reach the $0.0001 mark. Among these factors is the implementation of burn mechanisms. ChatGPT argued that significant burns of SHIB tokens could reduce the overall supply, thereby increasing the value of the remaining circulating tokens.

Technical Overview

On the technical front, the MACD indicator is presently positioned above the zero line at 0.00000013. This indicates that the SHIB market is exhibiting a bullish trajectory. Moreover, the MACD’s histogram bars are gradually widening in the green zone, further cementing the optimistic mood of the SHIB market.

Shiba Inu Technical Overview

Focusing on the Keltner Channel indicator, SHIB seems to be less volatile. This is evident as the Keltner Channel bands are narrowing, suggesting a period of price stability for SHIB before any significant movements.