Shiba Inu’s price experienced a modest increase in the last 24 hours, reaching a peak of $0.00002589, as per CoinMarketCap data.
Despite a slight decline, the popular dog-themed token still recorded a 4.3% gain on the daily charts, with a current trading price of $0.00002542.
One of the contributing factors to Shiba Inu’s surge can be attributed to the anticipation surrounding the approval of spot-based exchange-traded funds (ETFs) for Ethereum. After the Securities and Exchange Commission (SEC) approved the 194-b filings for spot ETFs, the crypto community has been speculating about which digital asset could be the next to receive an ETF.
Shytoshi Kusama, the lead developer of Shiba Inu, recently joined the conversation, wondering if the approved Ethereum funds could pave the way for a SHIB ETF. Additionally, the Shiba Inu ecosystem X handle believes that the Ethereum ETF will promote greater financial inclusion for SHIB enthusiasts who wish to gain more exposure to the cryptocurrency market.
While many members of the Shiba Inu community are optimistic about the prospects of a SHIB ETF, no company has officially expressed interest in launching one for the token. Nevertheless, community members are urging asset managers to introduce the product. In January, after the SEC approved multiple Bitcoin ETFs, Shiba Inu enthusiasts launched an online petition urging Grayscale, a top asset manager, to apply for a SHIB ETF. Despite Grayscale’s lack of response, these investors continue to gather support for the petition, which currently has 9,513 signatures out of the required 10,000 votes.
Apart from the anticipation surrounding a potential ETF, another factor that may have influenced SHIB’s price surge today is the upcoming launch of Shiba Inu’s perpetual futures trading on Coinbase for institutional clients. Coinbase, based in San Francisco, will also include two other meme-based cryptocurrencies, Floki Inu (FLOKI) and Bonk (BONK), in its perpetual futures product. The trading for SHIB, BONK, and FLOKI perpetual futures will begin on May 30, 2024, at 09:30 AM (UTC) under the respective market names 1000SHIB-PERP, 1000BONK-PERP, and 1000FLOKI-PERP.
Furthermore, Shiba Inu’s price increase aligns with the predictions made by analyst Ashish, who speculated that SHIB could reach $0.000075 following a breakout from a consolidation pattern.
Please note that this content is informative and should not be considered financial advice. The opinions expressed in this article are those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.