ETF hype is creating a new revolution in the cryptocurrency space with VanEck’s application for the Solana ETF. The space is currently undergoing dynamic changes that could drive a massive influx of capital and consumers into the industry. With the addition of Bitcoin, Ethereum, and now the Solana ETF, Shiba community enthusiasts are vying for a one-of-a-kind Shiba Inu ETF that, if approved, could be seen as a groundbreaking development worth exploring and interacting with.
Shiba Inu ETF campaign has collected thousands of signatures
Exchange-traded funds (ETFs) are known as traditional trading tools. When it is combined with the world of cryptocurrency, a new product is born, injecting the essence of traditionalism into the unique crypto culture. ETFs combined with the crypto space have recently created new milestones. Since its launch, the trading volume of Bitcoin ETFs has reached billions of dollars. As negotiations for Ethereum and Solana ETFs begin, the Shiba Inu community is also vying for a potential SHIB ETF that can push Shiba Inu to new price heights.
To help make the SHIB ETF a reality, the token’s strong community has begun spearheading signature campaigns. One campaign has already received 10,000 signatures, and that number is growing every day.
If the Shiba Inu ETF is able to be launched soon, the token’s price will be greatly encouraged. The price of SHIB has been hitting new lows recently, mainly due to Bitcoin’s brief drop to the $61,000 price range. This development temporarily stopped the altcoin from surging. SHIB is currently trading at $0.00001723, up 2% in the past 24 hours, and is awaiting a new price increase to recover its fallen valuation.
Grayscale considers Shiba Inu a significant crypto asset
Investment giant Grayscale calls the Shiba Inu one of the most valuable crypto assets in existence.
Grayscale shared an image listing the leading cryptocurrencies by market cap in a post shared on X. The list officially recognizes SHIB as one of the significant cryptocurrencies in existence, which marks another milestone for SHIB.
Shiba Inu ETF: Impact on Price
If a Shiba Inu ETF ever becomes a reality, this development could bring new prices. The asset has long aspired to reach a price target of $0.01. Known as the coveted penny dream, SHIB would need to rise by approximately 57,776% to reach the $0.01 target. With ETF talks moving forward, this price target could be achieved sooner than the expected timeline.
However, for now, Shiba Inu appears to have taken a slow pricing stride. According to CoinCodex, by mid-July, its valuation will have shrunk by 5%, with a trading price threshold of $0.00001659.
“Shiba Inu’s price could drop by -4.92% to $0.00001659 by July 28, 2024. The current sentiment is bearish according to our technical indicators, while the Fear & Greed Index shows 47 (Neutral). Shiba Inu has recorded 11/30 (37%) green days in the past 30 days, with a price volatility of 15.12%.
