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.
Coinbase’ SHIB Regulatory Filing
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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