Hot on the heels of the SEC approving the first Ethereum ETFs, Shiba Inu (SHIB) is buzzing with excitement. The enigmatic lead developer, Shytoshi Kusama, dropped a hint that has the crypto community fired up. Could a SHIB ETF be next?
Dive deeper to find out what sparked the speculation and what it means for the future of Shiba Inu.
Just moments after the SEC’s Ethereum approval, Kusama added fuel to the fire with a cryptic tweet hinting at possible regulatory progress for SHIB. His message not only congratulated Ethereum but also hinted at SHIB potentially following a similar path.
Apart from Kusama’s suggestive tweet, two major factors indicate the possibility of a SHIB ETF filing.
The SHIB community is buzzing with excitement, buoyed by recent milestones such as the completion of Shibarium’s layer-2 scalability solution and ongoing developments in ShibaSwap, the community’s decentralized crypto exchange. These achievements highlight progress within the SHIB ecosystem, generating enthusiasm among supporters.
Recent bullish activity, coupled with a surge in whale transactions, points to growing institutional interest in SHIB. The Whale Transaction Count index, which tracks significant transactions, has seen spikes amidst an overall upward trend, suggesting accumulation by institutional investors. This trend bolsters the bullish outlook for SHIB and indicates potential support for a future SHIB ETF.
Despite facing resistance at key levels, SHIB shows signs of a potential bullish rally. Chart analysis reveals a pattern of lower lows and lower highs since its peak in March. However, a breakout above the declining trend line on May 20 indicates increased buying pressure.
Investors may anticipate SHIB consolidating above $0.0000253 and aiming for the $0.0000315 resistance level, with an optimistic scenario envisioning a retest of $0.0000355.
Coinbase, a prominent cryptocurrency exchange platform, further boosted SHIB’s visibility by including it in its 50th perpetual futures listing. The announcement, made on Thursday, welcomed SHIB alongside other tokens, enhancing its liquidity and laying a solid foundation for potential SHIB exchange-traded fund trusts.
The Whale Transaction Count Index, which tracks large transactions, suggests that institutional interest is growing in SHIB. The index’s consistent spikes during price dips suggest that institutional investors are accumulating. Coupled with the bullish outlook across various metrics, this supports the optimistic forecast for SHIB.
With these factors in play, SHIB’s future looks promising, with avenues for expansion and institutional adoption on the horizon.
The SHIB Army’s passion is undeniable. Will their efforts lead to an ETF? Let’s see what the future holds!
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