Find out how high the Shiba Inu price could soar if the SHIB ETF is approved. Explore potential market cap growth, price predictions, and key levels to watch.
Shiba Inu price has been performing well recently, gaining 33.5% in the past 30 days. SHIB has broken out of a bullish reversal pattern and the market expects SHIB price to rise further as speculation of a Shiba Inu ETF fills the crypto space. If the ETF is approved, how high will SHIB price soar?
How high can Shiba Inu prices rise after SHIB ETF is approved?
Shiba Inu is one of the most amazing tokens in the crypto space, proving that the impossible is possible. Therefore, it is not so far-fetched to think that a Shiba Inu ETF might not be too far-fetched. Following Wall Street’s speculation on the SHIB ETF, the crypto market’s expectations for a SHIB ETF have been dashed.
If the Shiba Inu ETF is approved, the price of SHIB will rise significantly. A realistic approach is to consider the performance of existing Bitcoin and Ethereum ETFs. Since January 10, the total inflow of spot Bitcoin ETFs has been $18.72 billion. This inflow has averaged a net inflow of $2.34 billion per month since launch. At this rate, the total inflow of BTC ETFs could reach $25 billion by December.
If the Shiba Inu ETF does get approved and launched, and receives the same inflows as the Bitcoin ETF, it would result in Shiba Inu’s market cap being inflated by $250 billion when the Bank of America (BoA) 1:10 multiplier is applied.
This would give SHIB a market cap of $260.3 billion, which would put it third after Ethereum according to CoinGecko. Assuming SHIB destruction stops, at this market cap, the price of Shiba Inu would surge to $0.0004414. This would be a 2,400% increase from its current price.
Can SHIB Price Reach $0.00044?
SHIB price is currently breaking out of a descending channel, which indicates a possible reversal in the bearish trend. This suggests that the price could move higher and enter a bullish phase.
Based on the move targets measured after the channel breakout, SHIB is expected to rise to approximately the $0.00002200-$0.00002300 range, where it encounters the first major resistance level. This represents a 125% increase from the current price.
From there, SHIB will look to retest its all-time high at $0.00008854, which represents a 284% gain from this major resistance level.
The Shiba Inu price prediction suggests that it is possible that the meme coin could reach such a price, considering the milestones it has achieved since its inception. However, for SHIB to surge to $0.00044, significant and sustained trading volume is required, and hopefully the ETF will provide that.
Currently, SHIB price is struggling to stay above the descending channel, but if the bears sink the price below $0.000014, it will invalidate the current bullish thesis and the SHIB price will find lower supports near $0.000011 and $0.0000083.
#SHIBUSDT
