How High Could Shiba Inu Price Go If A SHIB ETF Is Approved?
Shiba Inu price has been performing well recently, gaining 33.5% in the last 30 days. SHIB broke out of a bullish reversal pattern, and the market anticipates that it will rise even higher as speculation of a Shiba Inu ETF floods the crypto space. How high would the SHIB price soar if an ETF was approved?
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.
Shiba Inu Price Analysis Chart
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.
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