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Here’s Why Shiba Inu Price is Up Today Above $0.00025

source-logo  thecryptobasic.com 27 May 2024 15:15, UTC

Some of the factors that boosted Shiba Inu price to a 24-hour surge of 4.3% include anticipation of a spot ETF and upcoming trading of SHIB’s perpetual futures on Coinbase.

The price of Shiba Inu witnessed a slight gain in the past 24 hours, reaching a daily high of $0.00002589, according to data from CoinMarketCap.

Although Shiba Inu has lost some of this gain, the leading canine-themed token was still up 4.3% in the daily charts, with a unit currently changing hands at $0.00002542.

Anticipation Surrounding SHIB’s ETF

Shiba Inu’s daily surge can be attributed to multiple factors, including the recently approved spot-based exchange-traded funds (ETFs) for Ethereum.

Following the SEC’s approval of the 194-b filings for spot ETFs, the broader crypto community has been deliberating on which crypto asset could be the next in line for an exchange-traded fund.

As reported earlier, Shiba Inu’s lead developer, Shytoshi Kusama, recently joined the conversation, asking whether the approved Ethereum funds could potentially facilitate the creation of a SHIB ETF.

Meanwhile, the Shiba Inu ecosystem X handle believes that the Ethereum ETF will facilitate greater financial inclusion for SHIB enthusiasts seeking to gain more exposure to crypto through the approved funds.

Although many Shiba Inu community members are confident about the SHIB ETF prospect, no company has officially indicated interest in launching an ETF for the canine-themed token.

Despite this, Shiba Inu community members are calling on asset managers to roll out the product. Recall that shortly after the U.S. SEC approved multiple Bitcoin ETFs in January, Shiba Inu enthusiasts launched an online petition, urging top asset manager Grayscale to apply for a SHIB ETF.

Grayscale has not responded to the call yet. Nonetheless, these investors are not relenting as the petition garners support. At press time, the petition now boasts 9,513 signatures out of the 10,000 demanded votes.

Shiba Inu Perpetual Futures Trading to Commence on Coinbase This Month

Besides anticipation surrounding the potential launch of a spot ETF, another factor that could have impacted SHIB’s price for a surge today is the upcoming launch of Shiba Inu’s perpetual futures for Coinbase’s institutional clients.

As reported earlier, the San Francisco-based exchange also included two other meme-based cryptocurrencies in its perpetual futures product, including Floki Inu (FLOKI)) and Bonk (BONK).

Notably, SHIB, BONK, and FLOKI’s perpetual futures trading will commence on May 30, 2024, at 09:30 AM (UTC) under the markets 1000SHIB-PERP, 1000BONK-PERP, and 1000FLOKI-PERP.

Furthermore, Shiba Inu’s gains also coincide with recent predictions from top analyst Ashish, who speculated that SHIB’s price could surge to $0.000075 following the breakout from a consolidation pattern.