Shiba Inu price has been performing well recently, gaining 33.5% in the last 30 days. As Wall Street speculates about the possibility of a Shiba Inu ETF, excitement is growing around how high the SHIB price could climb if such a fund were approved. SHIB recently broke out of a bullish reversal pattern, signaling a potential uptrend, and market sentiment is increasingly optimistic. Drawing comparison from Bitcoin and Ethereum, could an ETF push SHIB to new all-time highs?
How High Could Shiba Inu Price Climb with a SHIB ETF Approval?
Shiba Inu is one of the most astonishing tokens in the crypto space, and it has proven that the impossible can be possible. Hence, to think a Shiba Inu ETF likely is would not be a far-fetched idea. Following Wall Street’s speculation of a SHIB ETF, the crypto market’s hopes for one have just blown off the ceiling.
If a Shiba Inu ETF were approved, the SHIB price would significantly increase. A realistic approach to this would be to consider the performance of the already existing Bitcoin and Ethereum ETFs. The spot Bitcoin ETF has a total of $18.72 billion since January 10. This inflow translates to an average of $2.34 billion in positive net monthly inflows since launch. At this rate, BTC ETF total inflows could hit $25 billion by December.
If Shiba Inu ETF does get approved and launched and captures the same Bitcoin ETF inflows, it would cause Shiba Inu’s market cap to swell by $250 billion when the Bank of America (BoA) multiplier of 1:10 is applied.
This would bring SHIB market cap to a total of $260.3 billion, setting it right below Ethereum in the number 3 spot according to CoinGecko rankings. At this market cap, Shiba Inu price would surge to $0.0004414, assuming SHIB burns halt. This would be a 2400% increase from the current price.
Can SHIB Price Hit $0.00044?
SHIB price is currently breaking out of a descending channel, signalling a potential reversal from the bearish trend. This shows the price may move higher, entering a bullish phase.
Based on the measured move target from the channel breakout, SHIB is expected to rise to approximately $0.00002200-0.00002300 range, where it will meet its first major resistance. This is a 125% increase from the current price.
From there, SHIB will want to retest its all-time high at $0.00008854, a 284% increase from this major resistance.
Shiba Inu price prediction shows that given the milestones the meme coin has covered since its inception, it could hit such a price. However, for SHIB to surge to $0.00044, it would require a significant and sustained volume, which, hopefully, the ETF would provide.
Currently, the SHIB price is fighting to remain above the falling channel, but if bears push the price below $0.000014, it would invalidate the current bullish thesis, and the Shiba Inu price would find lower support around $0.000011 and $0.0000083.
The post How High Could Shiba Inu Price Soar with Wall Street Speculating on a SHIB ETF? appeared first on CoinGape.
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