Positive developments around the spot Ethereum (ETH) ETF (Exchange Traded Fund) have led to a shift in the crypto market sentiment. Bitcoin (BTC) briefly reclaimed the $71,000 level, and ETH rallied by over 30% in the weekly charts. Other assets, including Shiba Inu (SHIB), witnessed significant gains as well.
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Although the US SEC (Securities and Exchange Commission) is yet to approve a spot ETH ETF, there is a lot of speculation that the financial watchdog will greenlight one or more spot ETH ETFs later this year. If a spot ETH ETF is approved, the crypto market may witness another rally, like it did after the SEC’s approval of 11 spot BTC ETFs. BTC hit a new all-time high, thanks to the inflows from the ETFs. A similar pattern may emerge from an ETH ETF as well.
How high can Shiba Inu (SHIB) go if a spot Ethereum ETF is approved?
If the US SEC approves a spot ETH ETF, Ethereum may hit a new all-time high. In such a scenario, other altcoins, like SHIB, may also hit new peaks.
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Moreover, according to CoinCodex, Shiba Inu (SHIB) could hit a new all-time high in June. The platform predicts SHIB’s price to touch $0.00008897 on June 19, 2024. Hitting $0.00008897 from current levels would translate to a growth of over 241%.
Also Read: Shiba Inu: Analyst Predicts SHIB’s Price if Bitcoin Hits $250k
Changelly also anticipates SHIB to rally in June. The platform predicts the dog-themed crypto to hit $0.00008226 on June 17, 2024, which is close to its current all-time high of $0.00008616.
Both predictions may be due to speculations around the spot ETH ETF. If the SEC approves one or more ETH ETFs, we may witness another 2021-like bull run.
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