- SHIB hits a 4-month low amidst market challenges, trading volume shows an increase.
- Coinbase plans SHIB futures launch on July 15, pending regulatory approval.
Coinbase’s announcement of forthcoming Shiba Inu (SHIB) futures contracts, approved by the Commodity Futures Trading Commission (CFTC), comes amidst a downturn in SHIB’s price. Recently hitting a four-month low of $0.00001522, it has seen an 8% decline, currently trading at $0.00001518, with trading volume up 35% despite a 36% drop over the past month.
Scheduled for launch on July 15, 2024, these derivatives are poised to bolster Shiba Inu’s institutional legitimacy and price discovery. The self-certification model underscores Coinbase’s confidence in its market maturity, potentially paving the way for a future Shiba Inu exchange-traded fund (ETF).
The move aligns with increasing investor interest and regulatory efforts to bring stability and transparency to the cryptocurrency market.
Furthermore, support for a SHIB ETF is evident, with over 11,353 signatures on petitions advocating its approval. This reflects growing community engagement and anticipation for expanded investment avenues in digital assets.
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