The cryptocurrency market is buzzing with speculation about a potential price surge for Shiba Inu (SHIB) tokens. This anticipation hinges on the long-awaited approval of Ethereum (ETH) spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Coinpedia Markets Fueling the Fire
Coinpedia Markets, a well-known crypto price tracking platform, recently released a forecast predicting a significant price increase for SHIB, ranging from a 10x to a staggering 100x jump. This forecast follows the potential launch of Ethereum ETFs, which analysts believe could trigger a domino effect on SHIB’s price.
The SHIB-ETH Connection
The rationale behind this prediction lies in 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.
ETFs: A Gateway for Mainstream Investment?
The excitement surrounding Ethereum ETFs stems from the belief that they will attract a new wave of mainstream investors to the cryptocurrency market. ETFs provide a familiar and regulated investment vehicle for traditional investors, potentially leading to a significant influx of capital into the crypto space. This surge in investment could drive up the price of ETH, and consequently, influence SHIB due to their interconnected price movements.
The SEC Holds the Key
The approval process for Ethereum ETFs has been ongoing for some time. The SEC provided a preliminary green light by approving the 19b-4 exchange filings for eight Ethereum spot ETFs in May 2024. However, the final decision regarding their launch rests on the approval of S-1 applications submitted by individual ETF issuers.
Also Read: SHIB To The Moon? Shiba Inu Marketing Lead Lists Top 4 Reasons Why An ETF Is Imminent
Market Anticipation and Potential Timeline
All relevant parties, including major players like VanEck and 21Shares, have submitted their amended S-1 applications. The SEC’s final verdict will determine the official launch date of these ETFs in the United States. While there’s no confirmed date, some market experts believe approval could arrive before the end of July 2024. This anticipation is fueling speculation about potential price movements in both ETH and SHIB.
Long-Term Shiba Inu Price Predictions
It’s important to remember that the cryptocurrency market is inherently volatile, and short-term price forecasts are inherently uncertain. The potential approval of Ethereum ETFs is just one factor among many that could influence the future value of SHIB. Previous long-term 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 outlooks likely take into account factors like project development, community growth, and broader cryptocurrency adoption.
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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