Shiba Inu price experienced a notable increase of 4.3% within a 24-hour period, driven by several factors such as the anticipation of a spot ETF and the upcoming trading of SHIB’s perpetual futures on Coinbase.
According to data from CoinMarketCap, the price of Shiba Inu reached a daily high of $0.00002589 in the past 24 hours.
Although Shiba Inu has slightly retraced from this gain, the popular canine-themed token still maintained a 4.3% increase in the daily charts, with a unit currently being traded at $0.00002542.
One of the main factors contributing to Shiba Inu’s surge is the anticipation surrounding the potential launch of a spot ETF. The recent approval of spot-based exchange-traded funds (ETFs) for Ethereum by the SEC has sparked discussions within the crypto community about which crypto asset could be the next to have an ETF.
Shiba Inu’s lead developer, Shytoshi Kusama, has joined the conversation, raising the question of whether the approved Ethereum funds could potentially pave the way for a SHIB ETF. Additionally, the Shiba Inu ecosystem X handle believes that the Ethereum ETF would enable greater financial inclusion for SHIB enthusiasts seeking exposure to crypto through approved funds.
While many Shiba Inu community members are optimistic about the prospect of a SHIB ETF, no company has officially expressed interest in launching one for the canine-themed token. Nevertheless, community members are urging asset managers to introduce the product, as they did with an online petition directed at Grayscale after the approval of multiple Bitcoin ETFs in January. The petition currently has 9,513 signatures out of the required 10,000 votes.
Another factor that may have influenced SHIB’s price surge is the upcoming launch of Shiba Inu’s perpetual futures trading for Coinbase’s institutional clients. Coinbase has included two other meme-based cryptocurrencies, Floki Inu (FLOKI) and Bonk (BONK), in its perpetual futures product. The trading of SHIB, BONK, and FLOKI futures will commence on May 30, 2024, at 09:30 AM (UTC) under the markets 1000SHIB-PERP, 1000BONK-PERP, and 1000FLOKI-PERP.
Furthermore, Shiba Inu’s recent gains align with predictions from top analyst Ashish, who speculates that SHIB’s price could surge to $0.000075 following a breakout from a consolidation pattern.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.
