The market encountered challenges, SHIB fell to a 4-month low and trading volume increased.
Coinbase plans to launch SHIB futures on July 15, pending regulatory approval.
Coinbase announced that it will soon launch Shiba Inu (SHIB) futures contracts, which have been approved by the Commodity Futures Trading Commission (CFTC), at a time when SHIB’s price is falling. Recently, SHIB’s price fell to a four-month low of $0.00001522 and is currently down 8% and trading at $0.00001518. Despite a 36% drop in the past month, trading volume is still up 35%.
Set to launch on July 15, 2024, the derivatives are designed to bolster Shiba Inu’s institutional legitimacy and price discovery. The self-certification model highlights Coinbase’s confidence in its market maturity and could pave the way for a future Shiba Inu exchange-traded fund (ETF).
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The move is in line with growing investor interest and regulatory efforts to bring stability and transparency to the cryptocurrency market.
Coinbase’s SHIB Regulatory Documents
In addition, the support rate of SHIB ETF is also very obvious, with more than 11,353 signatures in support of its establishment. This reflects the increasing community participation and the expectation of expanding digital asset investment channels.
