Tech
Possible Price for Shiba Inu if Gets ETF Approval and 30% of Bitcoin Inflows
Shiba Inu has positioned itself as a meme coin with huge growth potential as its developers continue to launch more and more utilities. Its vibrant community remains optimistic, with many predicting ambitious pricing amid speculation for a potential ETF product.
Given the meme coin’s vibrant community and investor support, a Shiba Inu ETF could attract 30% of BTC ETF spot inflows. Such a feat could send SHIB to sky-high heights. Here is the possible Shiba Inu price trajectory if a SHIB ETF product is launched.
Shiba Inu Price Prediction if SHIB Receives 30% of Bitcoin Spot ETF Inflows
The Spot launched recently Bitcoin ETFs have attracted numerous investors seeking indirect, managed exposure to Bitcoin. This notable success has encouraged other altcoin developers to apply for similar products.
Ethereum ETFs are grappling with approval issues, with the SEC potentially viewing ETH as a security. Major asset managers such as BlackRock and Fidelity, vying for approval of a spot Ethereum ETF, may be looking for alternatives.
Shiba Inu is one of the few altcoins that has not been labeled as a security by the US SEC. This is likely due to its decentralized nature.
Amid the growing popularity of crypto ETFs, the SHIB community has called on BlackRock to launch a SHIB ETF product. Additionally, investors and community members have directed to petition to Grayscale requesting the creation of a Shiba Inu ETF.
Bitcoin has seen massive price increases, even surpassing its all-time high following massive ETF inflows. BTC ETFs see an average monthly net inflow of $2.98 billion.
These inflows have risen to $11.946 billion since spot Bitcoin ETFs were approved on January 10th. Based on the current rate of inflows, Bitcoin ETF could see inflows of $35.78 billion by the end of 2024.
Like Bitcoin, the launch of a SHIB ETF will likely have a positive impact on its price. However, the true extent of the impact will depend on the ETF’s rate of adoption.
If these SHIB ETFs manage to attract 30% of expected Bitcoin inflows, they will see an increase of up to $10.74 billion. This will equate to an additional $100 billion over SHIB’s valuation based on Bank of America (BoA) multiplier 1:10.
Such massive inflows could also push Shiba Inu’s market capitalization to $113 billion, placing it among the top five crypto assets. If the market capitalization value rises to $113 billion, SHIB’s price could increase to $0.0001917.
However, this will only happen if the circulating supply of 589 trillion tokens remains constant. Furthermore, a price increase to $0.0001917 represents a 750% increase for Shiba Inu. Therefore, the approval of a SHIB ETF could significantly increase its price.
However, keep in mind that this projection is only speculative and there is no guarantee that a SHIB ETF will launch anytime soon.
How is the SHIB doing today?
SHIB currently trades around $0.000021, with a 24-hour price decline 11.4% to 5:52 a.m. EST. Shiba Inu has formed six consecutive red candles on the daily chart, indicating massive selling pressure.
The meme coin faced rejection at the $0.00002225 resistance level and is now approaching the $0.00002053 support level. SHIB is approaching the lower region of the Donchian Channel (DC), which confirms that sellers are in control.
Furthermore, the RSI is 34.25, showing that SHIB is almost oversold. In particular, the oversold region represents an attractive entry point for buy-the-dip investors, which could create upside pressure and trigger a rebound.
Overall, the SHIB will likely continue to fall over the next few days until buyers return to force a new rally.
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