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Popular crypto price tracker Coinpedia Markets speculates that Shiba Inu (SHIB) could witness an astronomical rally after the U.S. SEC approves Ethereum (ETH) spot exchange-traded funds (ETFs).
The analytics platform issued the forecast in an X post yesterday, speculating that SHIB’s price could surge between 10x and 100x following the approval of Ethereum spot ETFs.
Top 10 #Altcoins Poised For 10-100X After The Spot #EthereumETF Approval 🚀
1. Pepe ( $PEPE)
2. Ethereum Name Service ( $ENS)
3. Bonk ( $BONK)
4. Toncoin ( $TON)
5. Render ( $RNDR)
6. ShibaInu ( $SHIB)
7. Ondo ( $ONDO)
8. Turbo ( $TURBO)
9. BabyDogeCoin ( #BABYDOGE)
10. Byte (… pic.twitter.com/ax1zWvJ54F— Coinpedia Markets (@MarketCoinpedia) July 9, 2024
This suggests that SHIB could trade at $0.000167 per token if it surges 10x from its current price of $0.00001679. Similarly, a 100x rally would put the token’s price at $0.001679.
In addition to Shiba Inu, Coinpedia Markets forecasts that nine other altcoins could experience similar price rallies once Ethereum ETF goes 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).
Potential Impact of Ethereum ETF Approval
There are speculations regarding the upcoming approval of Ethereum ETFs and their potential impact on crypto prices. Some experts projected that ETH’s price could spike significantly from anticipated ETF inflows.
Additionally, they suggested that other Ethereum-based tokens, such as SHIB, could also witness substantial gains due to their correlation to ETH.
Data from IntoTheBlock shows that Shiba Inu boasts a 30-day correlation of 73% with ETH. This indicates that ETH’s price action significantly impacts Shiba Inu’s performance. Hence, a major ETH rally, driven by the approval of Ethereum ETFs, could translate to a similar increase in SHIB’s price.
Shiba Inu To $0.0001679 and $0.001679
Previous predicted timelines suggest that Shiba Inu can rise to $0.00016 by 2028 and $0.0016 by 2040.
When Spot Ethereum ETF?
Meanwhile, it has been nearly two months since the SEC approved the exchange filings relating to eight Ethereum spot ETFs. As reported earlier, the SEC approved the 19b-4 documents on May 23 without giving its decision on the S-1 applications submitted by prospective issuers.
All prospective issuers have submitted their amended S-1 applications, with VanEck and 21Shares filing theirs earlier this week. The prospective issuers are awaiting the SEC’s decision that could potentially determine when these ETFs would officially commence trading in the United States.
There is still no exact date on when the SEC might approve these funds. However, some experts are confident that the SEC could give the green light before the end of this month.