Shiba Inu Surges: SHIB Price Could Hit $0.0167 Soon!

• Shiba Inu (SHIB) maintains crucial support levels despite recent volatility.
• Coinbase to introduce perpetual-style altcoin futures, including SHIB, enabling 24/7 regulated trading.
• Japan grants SHIB official recognition with a flat 20% tax rate, aligning it with major cryptocurrencies.

Shiba Inu (SHIB) is currently trading at $0.057935, marking a 3.43% gain in the latest session. Despite the positive shift, trading volume over the past 24 hours has declined by 10.14%, totaling $113.72 million. Over the past week, SHIB has experienced a 10.05% decrease, closing at $0.057931.

SHIB Tests Key Support Zone

Crypto analyst Bit Amberly noted that SHIB is testing the lower boundary of a descending channel on the weekly chart. “Strong buyers are defending this key support zone,” Amberly remarked, adding that a potential rebound could see prices targeting $0.00000840, $0.00001030, $0.00001160, $0.00001480, and $0.00001670. 

Analysts indicate that this support level could be pivotal for the altcoin’s short-term trajectory, emphasizing that the market is closely monitoring the response from buyers.

Coinbase Launches SHIB Perpetual Futures

In a significant development for SHIB traders, major U.S. crypto exchange Coinbase announced new perpetual-style futures for Shiba Inu and ten additional altcoins. Starting December 5, the exchange will offer 24/7 trading for all altcoin monthly futures, providing retail traders access to highly sought-after derivatives within a regulated environment.

Coinbase previously rolled out 24/7 trading for Bitcoin and Ethereum futures, marking the first time leveraged contracts were available around the clock on a CFTC-regulated platform. 

The new perpetual futures extend this accessibility to SHIB, allowing continuous trading, including weekends, and broadening exposure to derivative products for retail investors. Coinbase highlighted the development on social media, stating, “December just got major for altcoin traders.”

Also Read | Shiba Inu (SHIB) Battles Toxic Attacks Amid 1.9B Market Rout

Shiba Inu Gains Global Regulatory Recognition

Shiba Inu’s momentum is further bolstered by regulatory recognition abroad. Japan recently approved SHIB for taxation under a flat 20% rate, equating its treatment with that of Bitcoin and Ethereum. This formal acknowledgment reflects the growing acceptance of SHIB as a legitimate digital asset in mainstream financial systems.

Additionally, major exchanges like Gemini are expanding access to SHIB derivatives in European markets. Gemini now allows perpetual contracts for SHIB with up to 100x leverage, providing traders the ability to hold long or short positions without monthly expirations. 

These developments collectively signal increasing institutional support and potential adoption of Shiba Inu across global markets, positioning it as a notable altcoin in both retail and professional trading circles.

Also Read | Coinbase Launches 24/7 SHIB, DOGE, BCH Futures Trading