The potential approval of Ethereum (ETH) spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has ignited discussions about a consequent surge in Shiba Inu (SHIB) token prices.
Coinpedia Markets, a popular crypto price tracker, recently issued a forecast suggesting a 10x to 100x price increase for SHIB and nine other tokens following the launch of Ethereum ETFs.
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This speculation stems from the historical correlation between SHIB and ETH prices. Data from IntoTheBlock reveals a strong 30-day correlation of 73% between the two tokens. This suggests that significant price movements in ETH often translate to similar fluctuations in SHIB. Therefore, a potential price spike in ETH triggered by the debut of Ethereum ETFs could have a positive spillover effect on SHIB.
Coinpedia Markets’ forecast translates to potential price points of $0.000166 per SHIB token for a 10x increase and $0.001667 for a 100x surge, based on the current price of $0.00001667. It’s important to note that these are hypothetical scenarios and shouldn’t be considered financial advice.
The anticipation surrounding the approval of Ethereum ETFs centers on the potential for increased mainstream investment in the cryptocurrency space. ETFs offer a regulated and familiar investment vehicle for traditional investors, potentially attracting new capital to the crypto market. This influx of investment could drive up the price of ETH, and by extension, influence SHIB due to their correlated price movements.
The SEC’s Role in Ethereum ETF Approval
The approval process for Ethereum ETFs has been ongoing for some time. The SEC approved the 19b-4 exchange filings for eight Ethereum spot ETFs in May 2024. This signified a preliminary step, but the final decision regarding the ETFs’ launch rests on the approval of S-1 applications submitted by prospective issuers.
All relevant parties have submitted amended S-1 applications, including VanEck and 21Shares who filed theirs earlier this week. The final verdict from the SEC will determine the official launch date of these ETFs in the United States.
While there’s no confirmed date for the SEC’s decision, some market experts believe approval could arrive before the end of July 2024. This anticipation has fueled speculation about potential price movements in both ETH and SHIB.
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Long-Term Shiba Inu Price Predictions
It’s crucial to remember that the crypto market is inherently volatile, and short-term price predictions are inherently uncertain. While the potential approval of Ethereum ETFs presents a catalyst for a price increase in SHIB, it’s just one factor among many that could influence its future value.
Previous forecasts for SHIB price growth suggest a more gradual increase, with predictions of $0.0001 by 2027 and $0.001 by 2030. These longer-term predictions likely took factors like project development, community growth, and broader market adoption of cryptocurrencies into account.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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