3 Key Factors That Can Spark Shiba Inu Big Rally

Binance’s continued support of Shiba Inu, Coinbase’s regulated SHIB futures contract, and Grayscale’s mention of the asset could set the stage for a significant rally. 

Many investors have been disappointed with Shiba Inu’s recent performance, which has caused a massive crash in the token’s price. Last week, Shiba Inu’s price crashed below $0.000017 for the first time in three months, hitting a low of $0.00001642 on June 24. 

Currently, SHIB is above the $0.000017 mark, with a unit trading at $0.00001719 at press time. This comes after the token witnessed a daily surge of 1.6%, according to data from TradingView. 

3 Factors That Can Drive SHIB Price 

Despite the slight rally, SHIB is still 61.53% below its March high of $0.000045. Nonetheless, three major factors can still pave the way for SHIB’s potential rally. 

They include Binance’s continued support of SHIB, Coinbase Derivatives’ upcoming regulated futures contract for Shiba Inu, and Grayscale spotlighting SHIB among the top 10 most valuable assets in the market. 

Binance Continued Support of SHIB 

Recall that Binance delisted the SHIB/TUSD spot trading pair on June 28, citing low volume and liquidity. Consequently, some media outlets misconstrued the announcement to suggest that Binance was delisting SHIB from its platform. 

However, the Shiba Inu ecosystem team dismissed this claim, clarifying that Binance was only removing one SHIB spot trading pair and not delisting the token completely. A further statement from the exchange also confirms that users can still trade Shiba Inu via other spot trading pairs. At press time, the exchange supported eight SHIB spot pairs, including SHIB/DOGE, SHIB/USDC, and SHIB/USDT. 

Binance’s continuous support of SHIB cannot be overstated. The exchange boasts a 24-hour volume of $9.66 billion, making it the biggest crypto trading platform globally.  

Coinbase Derivatives to Launch Regulated SHIB Futures Contract 

Another factor that could trigger Shiba Inu’s potential rally is Coinbase Derivatives’ upcoming regulated futures contract for SHIB. As reported earlier, the exchange filed an application with the U.S. CFTC to launch a futures contract for SHIB under a self-certification model. 

The fund’s potential listing date is scheduled for July 15, two weeks from now, giving investors more exposure to SHIB. 

Grayscale Spotlights SHIB Among Top 10 Most Valuable Assets 

The last factor that could propel a massive uptick in Shiba Inu’s price is Grayscale recently spotlighting of SHIB among the top 10 most valuable tokens in the market. Shiba Inu, which boasted a valuation of approximately $10 billion at the time of the publication, ranked in the 10th position with a year-to-date (YTD) return of 68.2%. 

The development stirred reactions among Shiba Inu enthusiasts, with many describing the feat as remarkable, given Grayscale’s relevance in the financial sector. 

Although the abovementioned factors could propel SHIB’s price for a potential rally, it is important to note that this article is for informational purposes. Hence, it should not be taken as financial advice.