Shiba Inu, the prominent dog-themed meme coin, witnessed a slight decline of over 1% today, reflecting a drop in the broader cryptocurrency market. Similar dips were observed in other meme coins like Dogecoin and PEPE Coins. Despite this, the enthusiasm for Shiba Inu remains robust.

The burn rate for Shiba Inu has remarkably surged by almost 1100%, uplifting market sentiment. Recent market trends and developments hint at a potential rise for Shiba Inu to $0.00002 in July.

Shiba Inu Burn Rate Surge and Price Projection

The recent price decline of Shiba Inu mirrors the slump in the broader crypto market, with meme coins experiencing parallel downturns. Notably, major tokens such as Dogecoin and PEPE Coin also saw declines.

However, the focal point now shifts to the substantial surge in SHIB's burn rate, soaring by nearly 1100% in a single day, as per Shibburn. This surge entailed the destruction of approximately 19.76 million SHIB within the last 24 hours, indicating a strong initiative to diminish the overall supply.

Two notable transactions conducted by a single address, “0xa9d….d3e43,” led to the burning of 6.94 million SHIB each, significantly contributing to the spike in the burn rate. Over the past week, the SHIB burn rate rose by 13%, with a total of over 83.37 million SHIB eliminated from the initial supply.

This collective effort has raised the total burned SHIB to 410.72 trillion, resulting in a current circulating supply of 583.33 million. The escalating burn rate serves as a positive indicator for the SHIB community, suggesting a potential price upsurge. The burning mechanism aids in reducing the market supply, consequently enhancing the asset's value.

Historical data supports this optimism, with Shiba Inu demonstrating strong performances in July. Notably, CryptoRank data revealed a surge of 11.8% in July 2023 and 13.4% in July 2022.

If this trend persists, the price of SHIB is poised to breach the pivotal $0.00002 resistance level, given an average increase of approximately 12%. However, it's essential to acknowledge that past performance does not always guarantee future trading outcomes. For context, in July 2021, Shiba Inu observed a decline of 28.5%.

Shiba Inu's Potential Growth from Coinbase and Market Dynamics

Further fueling the optimistic sentiment, Coinbase's recent regulatory filing hints at new opportunities for Shiba Inu (SHIB). The cryptocurrency platform has applied for approval to introduce future products related to SHIB and other altcoins like AVA and XLM.

The filing submitted to the Commodity Futures Trading Commission (CFTC) includes proposals for derivatives linked to DOT, SHIB, XLM, AVA, and LNK, with potential trading commencing as early as July 15. Notably, Coinbase's strategic move aligns with its aim to expand the derivatives market and cater to a broader spectrum of investors.

This development has the potential to strengthen SHIB's market presence and attract more institutional and retail investors. By complying with U.S. regulatory standards, Coinbase seeks to enrich its market offerings and provide robust trading options for altcoins, including SHIB.

At the time of writing, Shiba Inu's price incurred a 1.3% drop, trading at $0.00001704, after hitting a 24-hour peak of $0.00001786. Over the past seven days, SHIB experienced a nearly 5% decline, reflecting the selling pressure in the market. Despite the price dip, Shiba Inu's Open Interest surged by 4% to $35 million, according to CoinGlass data, signaling strong market interest in the meme coin.