How High Could Shiba Inu Price Go If A SHIB ETF Is Approved? 🤔
$SHIB 🧧🧧🧧
Shiba Inu price has been performing well recently, gaining 33.5% in the last 30 days. SHIB broke out of a bullish reversal pattern, and the market anticipates that it will rise even higher as speculation of a Shiba Inu ETF floods the crypto space. How high would the SHIB price soar if an ETF was approved?
Shiba Inu is one of the most astonishing tokens in the crypto space, and it has proven that the impossible can be possible. Hence, to think a Shiba Inu ETF likely is would not be a far-fetched idea. Following Wall Street’s speculation of a SHIB ETF, the crypto market’s hopes for one have just blown off the ceiling.
If a Shiba Inu ETF were approved, the SHIB price would significantly increase. A realistic approach to this would be to consider the performance of the already existing Bitcoin and Ethereum ETFs. The spot Bitcoin ETF has a total of $18.72 billion since January 10. This inflow translates to an average of $2.34 billion in positive net monthly inflows since launch. At this rate, BTC ETF total inflows could hit $25 billion by December.
If Shiba Inu ETF does get approved and launched and captures the same Bitcoin ETF inflows, it would cause Shiba Inu’s market cap to swell by $250 billion when the Bank of America (BoA) multiplier of 1:10 is applied.
This would bring SHIB market cap to a total of $260.3 billion, setting it right below Ethereum in the number 3 spot according to CoinGecko rankings. At this market cap, Shiba Inu price would surge to $0.0004414, assuming SHIB burns halt. This would be a 2400% increase from the current price.
Based on the measured move target from the channel breakout, SHIB is expected to rise to approximately $0.00002200-0.00002300 range, where it will meet its first major resistance. This is a 125% increase from the current price.
