Positive developments in the Ethereum (ETH) ETF (Exchange Traded Fund) led to a shift in sentiment in the cryptocurrency market. Bitcoin (BTC) briefly reclaimed the $71,000 level, and ETH rose more than 30% on the weekly chart. Other assets, including Shiba Inu (SHIB), also saw significant gains.
Although the U.S. SEC (Securities and Exchange Commission) has not approved a spot ETH ETF, there is much speculation that the financial regulator will approve one or more spot ETH ETFs later this year. If a spot ETH ETF is approved, the cryptocurrency market may see another rally, just as it did after the SEC approved 11 spot BTC ETFs. Bitcoin hit a record high due to ETF inflows. A similar pattern may also occur with the ETH ETF.
How High Could Shiba Inu (SHIB) Rise If a Spot Ethereum ETF Gets Approved?
If the SEC approves a spot ETH ETF, Ethereum could hit a new all-time high. In this case, other altcoins, such as SHIB, could also hit new highs.
Furthermore, according to CoinCodex, Shiba Inu (SHIB) could hit a new all-time high in June. The platform predicts that the price of SHIB will reach $0.00008897 on June 19, 2024. Reaching $0.00008897 from current levels would mean an increase of more than 241%.
Changelly also expects SHIB to rise in June. The platform predicts that the dog-themed cryptocurrency will reach $0.00008226 on June 17, 2024, close to its current all-time high of $0.00008616.
Both of these predictions may stem from speculation about spot ETH ETFs. If the SEC approves one or more ETH ETFs, we may witness a bull run like the one in 2021 again.
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