TLDR
Speculation about a potential Shiba Inu ETF has caused recent price increases
If approved, a SHIB ETF could potentially cause massive price growth, possibly up to 2400%
Current SHIB price is breaking out of a bearish trend, signaling potential for further gains
Analysts predict SHIB could reach $0.05 sometime between 2035-2050
A new burn mechanism may accelerate SHIB’s path to higher price targets
The cryptocurrency Shiba Inu (SHIB) has recently seen increased attention and price movement due to speculation about a potential SHIB exchange-traded fund (ETF).
This meme-inspired token, which has surprised many with its past performance, is once again capturing investor interest as the crypto market considers the possibility of a SHIB ETF approval.
Recent data shows that SHIB’s price has gained approximately 33.5% over the last 30 days. This uptick comes as discussions about a possible Shiba Inu ETF circulate within the crypto community.
The token has broken out of a bearish trend pattern, suggesting potential for further price increases.
If a Shiba Inu ETF were to be approved, some analysts predict it could lead to significant price growth.
By using the performance of existing Bitcoin and Ethereum ETFs as a benchmark, predictions suggest that SHIB’s market capitalization could potentially swell by $250 billion.
This increase would be based on applying the Bank of America multiplier of 1:10 to estimated ETF inflows.
Under this scenario, SHIB’s total market cap could reach around $260.3 billion, which would position it just below Ethereum in cryptocurrency rankings.
At this market cap, and assuming no additional token burns, the price of SHIB could potentially reach $0.0004414. This would represent a 2400% increase from current price levels.
However, it’s important to note that these projections are speculative and based on hypothetical scenarios. The actual performance of any potential SHIB ETF would depend on various factors, including market conditions, investor sentiment, and regulatory considerations.
Looking at longer-term price predictions, analysts have varying viewpoints on SHIB’s future. Some projections suggest that SHIB could reach the $0.05 mark sometime after 2050. Others are more optimistic, anticipating this milestone between 2035 and 2040.
These long-term forecasts should be viewed with caution, as the cryptocurrency market is known for its volatility and unpredictability. Many factors could influence SHIB’s price trajectory over such an extended period.
One potential catalyst for faster price growth is the development of a new token burn mechanism. The Shiba Inu team is reportedly working on a system that could burn trillions of tokens annually.
If implemented successfully, this could significantly reduce the token supply, potentially accelerating price appreciation.
In the near term, technical analysis suggests that SHIB is breaking out of a descending price channel. This could signal a reversal from the recent bearish trend.
Based on this pattern, some analysts project that SHIB could potentially reach the $0.00002200-0.00002300 range, which would represent a 125% increase from current levels.
The post Shiba Inu’s Price Puzzle: Could an ETF Spark a 2400% Surge?” appeared first on Blockonomi.
