Shiba Inu is among the altcoins that stand to gain from the recent approval of multiple Ethereum spot exchange-traded funds (ETFs), which has investors buzzing. This development has boosted confidence and is anticipated to trigger a substantial rally in the broader market.
Last week, the SEC greenlit the trading of Ethereum ETFs. These funds, on their first trading day, saw over $1 billion in volume. According to CoinShares, eight out of the nine approved funds, excluding Grayscale Ethereum Trust ETF (ETHE), have seen substantial inflows. To date, these eight ETFs have accumulated over $2.2 billion in net inflows. This massive influx is stirring speculation that Ethereum’s price might see a significant uptick. Given Ethereum’s pivotal role in the crypto market, a rise in ETH could trigger similar gains in various altcoins.
Ava Monaro, a well-known crypto enthusiast, has spotlighted ten altcoins she believes could surge between 1,000% (10x) and 10,000% (100x) thanks to the Ethereum ETF approval. These altcoins include Shiba Inu (SHIB), Byte (BYTE), Ethereum Name Service (ENS), Render (RNDR), Baby DogeCoin (BabyDoge), Turbo (TURBO), Pepe (PEPE), Bonk (BONK), Toncoin (TON), and Ondo (ONDO). Monaro’s analysis suggests that the substantial inflows into Ethereum ETFs could lead to significant price increases for these tokens.
Shiba Inu Potential Surge to $0.0001 – $0.001 Territories
Shiba Inu, currently trading at $0.00001673, stands out among these altcoins. A 10x surge could elevate SHIB’s price to $0.00018403. Remarkably, a 10,000% increase would catapult Shiba Inu to $0.00168973. Experts, including those from Changelly, project that SHIB could reach $0.0001 by December 2027. The more ambitious target of $0.001 might be realized by 2040.
At present, SHIB is trading at $0.00001673, reflecting a 2.24% drop over the past 24 hours. Similarly, the token has declined by 2.4% over the past week. While predictions are promising, they are not guarantees. Investors should tread carefully and consider these projections with a healthy dose of skepticism.
The Ethereum ETF approval marks a significant milestone, potentially setting the stage for a bullish revival in the crypto market. Investors will be closely watching to see if these predictions come to fruition.