Binance launches SHIB futures for institutional use, Shiba Inu trading volume surges by 51%

Shiba Inu’s trading volume surged to over 51% as the US-based Coinbase exchange prepared to launch perpetual futures for its institutional clients outside the US.
Coinbase, the largest exchange in the United States, announced the addition of perpetual futures for three popular cryptocurrencies: Bonk (BONK), Floki Inu (FLOKI), and Shiba Inu (SHIB). These new trading options will enhance investors' flexibility and trading strategies.
Expected to start at 9:30am UTC on May 30, 2024, the launch will include 1000BONK-PERP, 1000FLOKI-PERP and 1000SHIB-PERP on the market. These tools are designed to provide traders with the opportunity to speculate on the price of these cryptocurrencies without owning the actual assets.
Notably, Coinbase plans to launch these products on its Coinbase International and Coinbase Advanced exchanges. Coinbase International is the company’s platform for institutional clients outside the United States, while its Advanced platform offers advanced tools for professional traders.
SHIB transaction volume surges 51%
According to the news, SHIB’s trading volume in the past 24 hours increased by 51.95% to $9,552,516,666. This surge in interest suggests that demand for SHIB trading options is increasing, making the upcoming launch of 1000SHIB-PERP particularly timely. At press time, SHIB is trading at $0.00002390 on Coinbase.
Just two days ago, The Crypto Basic reported that SHIB had broken through an 11-week-long resistance that had limited its price growth for weeks. The report further predicted that this breakout could lead to growth for 210%, raising its value to $0.000081, just shy of its all-time high (ATH) of $0.00008845.
In a similar report from Crypto Basic, ChatGPT identified ten key factors that drove the Shiba Inu’s value up 285% to $0.0001. One of them is to implement a destruction mechanism. ChatGPT believes that the mass destruction of SHIB tokens can reduce the overall supply, thereby increasing the value of the remaining circulating tokens.
Technical Overview
On the technical side, the MACD indicator is currently above the zero line at 0.00000013. This suggests that the SHIB market is on a bullish trajectory. Moreover, the histogram bars of MACD are gradually expanding and are within the green zone, further consolidating the optimistic sentiment in the SHIB market.

Shiba Inu Technical Overview
Looking at the Keltner Channel indicator, SHIB seems to be less volatile. This is reflected in the fact that the bands of the Keltner Channel are narrowing, indicating that SHIB will be in a period of price stability before any major volatility.
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