Shiba Inu (SHIB) could surge after the U.S. SEC approves Ethereum (ETH) spot exchange-traded funds (ETFs), according to Coinpedia Markets. The popular crypto price tracker shared this forecast in a recent X post, speculating that SHIB’s price might rise between 10x and 100x. A 10x increase would push SHIB to $0.000167 from its current price of $0.00001679. Similarly, a 100x rally would elevate the token’s price to $0.001679.
Other Altcoins Expected to Rally
In addition to Shiba Inu, Coinpedia Markets forecasts that nine other altcoins could experience similar price rallies once Ethereum ETFs go live in the United States. The altcoins include Pepe (PEPE), Ethereum Name Service (ENS), Bonk (BONK), Toncoin (TON), Render (RNDR), Ondo (ONDO), Turbo (TURBO), BabyDogeCoin (BABYDOGE), and Byte (BYTE).
The Potential Impact of Ethereum ETF Approval
There is growing speculation about the upcoming approval of Ethereum ETFs and their potential impact on crypto prices. Some experts project that ETH’s price could spike significantly due to anticipated ETF inflows. Additionally, they suggest that other Ethereum-based tokens, such as SHIB, could also see substantial gains due to their correlation to ETH.
Correlation Between Shiba Inu and Ethereum
Data from IntoTheBlock reveals that Shiba Inu has a 30-day correlation of 73% with ETH. This strong correlation means that ETH’s price action significantly impacts Shiba Inu’s performance. Therefore, a major ETH rally, driven by the approval of Ethereum ETFs, could translate to a similar increase in SHIB’s price.
Shiba Inu’s Potential Price Milestones
Previous predictions suggest that Shiba Inu could rise to $0.00016 by 2028 and $0.0016 by 2040. These projections highlight the long-term potential for significant gains if the market conditions align favorably.
When Will the Spot Ethereum ETF Launch?
It has been nearly two months since the SEC approved the exchange filings for eight Ethereum spot ETFs. On May 23, the SEC approved the 19b-4 documents but did not decide on the S-1 applications. All prospective issuers, including VanEck and 21Shares, have submitted their amended S-1 applications. They now await the SEC’s decision, which could determine when these ETFs will commence trading in the United States.
Anticipated SEC Decision
Although there is no exact date for the SEC’s approval, some experts are confident it could happen before the end of this month. The approval could potentially trigger significant market movements and open new investment opportunities.
Read Also: Why Shytoshi Kusama Believes Shiba Inu Is Just Getting Started
In conclusion, the approval of Ethereum ETFs by the SEC could potentially drive significant price increases for Shiba Inu and other altcoins. However, the exact timeline for approval remains uncertain, and investors should approach these predictions with caution.
