Shiba Inu Cryptocurrency Forecasts a 138% Boost Following Launch of Futures Trading and Prospect of Spot ETF
The crypto world is abuzz with the possibility of a Shiba Inu Exchange-Traded Fund (ETF), a development that could significantly boost the coin's community, which is still recovering from the recent Shibarium exploit.
The surge in Shiba Inu's burn rate by 438% in the last 24 hours is a positive sign, indicating a growing interest in the meme coin. Experts believe that Shiba Inu could find its way into multi-asset crypto ETFs once regulators move beyond Bitcoin and Ethereum.
Lucie, a member of Shiba Inu's core team, has suggested that updated SEC exchange-traded fund listing standards could lead to the launch of a Shiba Inu ETF. This suggestion gains credence from the fact that Shiba Inu is already available on more than 110 exchanges with over 200 trading pairs, making it one of the most widely accessible cryptocurrencies globally.
The Shiba Inu token is currently consolidating within a symmetrical triangle formation on the two-day timeframe. Despite this consolidation, the token has managed to close above its pivot point ($0.00001333) and its 200-day exponential moving average ($0.0000139).
The meme coin has made it to the 'ETF watchlist' along with other futures-backed assets like XRP, Cardano, and Dogecoin. Coinbase has introduced SHIB futures under the '1k Shib Index,' making Shiba Inu eligible for consideration in spot ETFs.
The new SEC rule states that crypto assets with regulated futures trading are eligible for accelerated review, potentially within 75 days. This rule could pave the way for the swift launch of a Shiba Inu ETF.
The MACD histogram for Shiba Inu has turned positive, and the RSI has avoided overbought territory, indicating a positive trend for the coin. However, it's worth noting that the overall number of Shiba Inu tokens destroyed in the recent burn activity remains modest compared to past burn cycles.
Crypto expert Javon Marks predicts a 138% rally for the Shiba Inu price in this market cycle. As of now, the SHIB price is trading close to $0.00001341.
This broad reach strengthens the case for a potential SHIB ETF, offering a promising future for the meme coin. As always, it's crucial to conduct thorough research and consider professional advice before making any investment decisions.
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