Shiba Inu (SHIB), the popular meme coin, could be in for a massive price surge if the U.S. Securities and Exchange Commission (SEC) approves spot Ethereum (ETH) exchange-traded funds (ETFs), according to crypto analytics platform Coinpedia Markets.
Coinpedia Markets projects a surge of 10x to 100x for SHIB following the green light for Ethereum ETFs. This translates to a potential price range of $0.000167 to $0.001679 per token, a significant increase from its current price of $0.00001679.
The speculation stems from the anticipated rise in Ethereum’s price with the launch of ETFs. Since SHIB is built on the Ethereum blockchain, analysts believe a surging ETH price would positively impact other Ethereum-based tokens like SHIB. Data from IntoTheBlock supports this theory, showing a strong 30-day correlation of 73% between SHIB and ETH.
This forecast isn’t the first for a future SHIB price jump. Previous predictions placed the token at $0.00016 by 2028 and $0.0016 by 2040. However, Coinpedia Markets suggests a much faster timeline contingent on the SEC’s decision.
The SEC approved exchange filings for eight Ethereum spot ETFs in May. While these initial hurdles were cleared, the final decision on the actual launch rests on the approval of S-1 applications submitted by ETF issuers. Recent amendments were filed by VanEck and 21Shares, with the market eagerly awaiting the SEC’s nod.
Also Read: SHIB Soars! Spend Shiba Inu (SHIB) At Millions Of Stores With New Visa Partnership
While there’s no confirmed date for the SEC’s decision, some experts believe approval could come before the end of July. This potential green light has investors excited about the prospects of SHIB and other altcoins listed by Coinpedia Markets, including Pepe (PEPE), Ethereum Name Service (ENS), and BabyDogeCoin (BABYDOGE).
It’s important to note that cryptocurrency predictions are inherently speculative, and the actual impact of Ethereum ETFs on SHIB’s price remains to be seen.
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.
About The Author
