The Shiba Inu price has held firm today, sticking to $0.00001663 and posting a slight o.4% gain in the past hour.
SHIB has also risen by 8% in a week, and while it is down by 25% in a month, it also holds onto a healthy 123% increase in a year.
Its move in the past hour raises hopes for an incoming rally, with some prominent Shiba Inu holders and influencers now even beginning to weigh the pros and cons of a SHIB ETF.
If such a development were to occur, this would undoubtedly send the Shiba Inu price racing, although it’s likely to rebound strongly in the near future regardless.
4 Reasons Why a SHIB ETF Could Be Imminent
SHIB’s chart looks very bullish at the moment, with the pennant formation of its resistance (red) and support (green) levels now suggesting that a big breakout could be about to happen.
Other positive signs include the fact that its RSI (purple) has jumped from under 50 this morning to just above 60, as buying pressure mounts.
Source: TradingViewThat said, the meme token’s trading volume has actually declined today, from $600 million at the start of the week to around $200 million at the time of writing.
This would indicate declining interest in the token, yet the lower volume may be a bullish sign insofar as SHIB’s other indicators point to a big move.
And given that the coin has suffered in recent weeks, it’s certainly overdue a nice rebound, at least as far as its technicals are concerned.
In fact, some would argue that more fundamental factors may also lead to big Shiba Inu price moves in the not-too distant future.
Why would a $SHIB ETF be great, and why not?
1.Why a SHIB ETF Would Be Great:
•Accessibility: A SHIB ETF would make it easier for traditional investors to gain exposure to Shiba Inu without needing to navigate cryptocurrency exchanges.
•Regulation and Security: ETFs are… pic.twitter.com/pZTXWCVVcX
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 11, 2024
As noted above, some members within the Shiba Inu community are beginning to talk as if a SHIB ETF is a real possibility.
This may seem like a stretch, but there are a few reasons as to why such an ETF is not out of the question.
For one, it now seems that Ethereum and Solana ETFs are incoming after January’s approval of several Bitcoin ETFs, raising the possibility of other crypto ETFs.
It’s also worth pointing out that there’s a movement from the SHIB community to press institutions into launching Shiba Inu ETFs, with one online petition aimed at Grayscale now securing over 11,000 signatures.
So while a SHIB ETF may be a more distant possibility, it could happen eventually.
For now, the Shiba Inu price will reach $0.00002 by the middle of August.
Newer SHIB Tokens Could Rise Higher
While traders are waiting for a SHIB ETF to appear, they may be interested in diversifying into newer meme coins, which can often outperform the market by wide margins.
One of the most promising new tokens is Shiba Shootout (SHIBASHOOT), a new Ethereum-based coin that opened its token sale a few weeks ago.
SHIBASHOOT has already raised more than $600,000, a promising sign at such an early stage in its sale.
Join #ShibaShootout on #Telegram for the latest updates, networking opportunities, and engaging conversations!
Need assistance? Our moderators are available 24/7 to support you! pic.twitter.com/u4OaFIJJpa
— shibashootout (@shibashootout) May 28, 2024
Shiba Shootout looks like it will become popular largely because it offers a unique riff on the now-familiar Shiba Inu memes and tropes.
It will combine the lovable dogs with community-focused Wild West motifs, with the coin aiming to grow a community that revolves around shared participation in mini-games and contests.
These will include poker tournaments and virtual treasure hunts, as well as lotteries and story-focused user forums.
This should help Shiba Shootout build a thriving community of investors and supporters, one capable of boosting its price over the long run.
SHIBASHOOT will come with a max supply of 2.2 billion, with 35% of this supply going to the presale and 20% to staking.
Staking will further incentivize long-term holding, as should the ability to participate in governance votes.
This means that SHIBASHOOT is a rare example of a meme token with plenty of utility, with investors able to join its sale at the official Shiba Shootout website.
1 SHIBASHOOT token currently costs $0.0195, although this will rise with each new stage of the sale.
And it could rally massively once the token lists later in the year, such is its early popularity.
Buy SHIBASHOOT Now
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