In a surprising twist in the world of cryptocurrency, whispers of a potential Shiba Inu (SHIB) ETF launch have ignited a wave of excitement among investors and enthusiasts alike. On October 7, Whales HQ, a well-known on-chain tracker, reported that Wall Street experts are anticipating a SHIB ETF launch on the horizon. This news has sent ripples through the market, raising speculation about the possibility of a Dogecoin (DOGE) ETF following closely behind.
Wall Street Weighs In On SHIB
The announcement from Whales HQ has prompted intense debate within the crypto community. With the growing popularity of digital asset-backed exchange-traded funds (ETFs), market analysts recognize the substantial influx of capital they can generate. Should a Shiba Inu ETF materialize, it could mimic the effects seen with previous crypto ETF launches, potentially driving significant investment into the SHIB ecosystem.
However, with a market capitalization of just $10.52 billion, many analysts are skeptical about the feasibility of a SHIB ETF. The overwhelming sentiment is that larger, more established cryptocurrencies like Bitcoin and Ethereum are more likely to secure ETF approvals first. Bitcoin, for instance, boasts a staggering market cap of $1.24 trillion, while Ethereum stands at $297.16 billion, both of which have already seen ETF products launch.
The DOGE Factor
Interestingly, as the speculation surrounding SHIB gains momentum, many are questioning whether a DOGE ETF is also in the pipeline. Given Dogecoin’s status as the largest meme token by market cap, it seems plausible that it could be next in line for an ETF. With its established presence and strong community backing, DOGE might have a better chance of receiving regulatory approval before SHIB.
In addition to the ongoing ETF discussions, other dog-themed tokens like Bonk (BONK) are making headlines. Bonk recently announced a BONK ETP launch in the U.S., albeit with a modest market cap of $1.57 billion, further clouding the potential for a SHIB ETF. The influx of meme coins into the ETF conversation reflects the evolving landscape of the crypto market, where community-driven projects continue to challenge traditional finance.
Current Market Performance
At the time of writing, SHIB is trading at $0.00001785, reflecting a nearly 2% increase in the past 24 hours, with intraday lows and highs of $0.0000175 and $0.00001878, respectively. Similarly, DOGE is priced at $0.1111, up about 1%, with its 24-hour low and high at $0.1096 and $0.1152, respectively. Both tokens are aligning with the broader market trends, showing resilience amid fluctuating conditions.
Also Read: Shiba Inu (SHIB) Dips 11.65% – Can It Break Resistance At 0.00001740?
While the buzz surrounding a Shiba Inu ETF may be exciting, it is essential to approach these rumors with caution. The potential for a positive impact on SHIB’s price remains, yet the likelihood of such an ETF launching in the near future is still up for debate. As the market continues to evolve, both SHIB and DOGE enthusiasts will be watching closely, wondering if the dreams of ETF approvals will soon become a reality.
In conclusion, while the idea of a SHIB ETF tantalizes many in the crypto community, its actualization may be a more complex journey than it appears. As the landscape develops, all eyes will remain on both Shiba Inu and Dogecoin, anticipating the next big move in the meme coin saga.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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