- The US SEC is speculated to have a 95% chance of approving a spot Bitcoin ETF this month, which could lead to market rallies, including for memecoins like Shiba Inu (SHIB).
- Google’s Bard AI predicts two outcomes for SHIB if a spot BTC ETF is approved: a 5-10% rally leading to a price of about $0.00001056, and a more optimistic 20-30% surge with a potential high of $0.00001248.
- Despite these scenarios, Bard does not foresee SHIB reaching its all-time high of $0.00008616. Currently, SHIB is down over 88% from its peak, and a return to the all-time high would require a significant bull run, increased adoption, and possibly more token burns.
The buzz in the crypto world is palpable as speculations mount over the potential approval of a spot Bitcoin ETF by the US SEC. With Bloomberg’s analysts projecting a whopping 95% chance of the green light, the question on everyone’s mind is: How will this decision ripple through the market, particularly for the meme-favorite Shiba Inu (SHIB)? Let’s dig into the scenarios that could unfold for SHIB in the wake of a Bitcoin ETF approval.
Shiba Inu’s Prospects With Bitcoin ETF Approval
- Google’s Bard AI predicts a conservative 5-10% rally for both Bitcoin and Shiba Inu if a spot BTC ETF is approved.
- Under the bearish scenario, SHIB’s price could increase to approximately $0.00001056.
- The bullish scenario is more optimistic, suggesting a 20-30% surge for both BTC and SHIB, potentially raising SHIB’s value to $0.00001248.
- Despite these positive forecasts, Bard AI remains skeptical about SHIB reaching its peak of $0.00008616.
When Will Shiba Inu (SHIB) Reclaim Its All-Time High?
- Currently, SHIB is trailing by over 88% from its highest value achieved back in October 2021.
- Many SHIB enthusiasts and investors are keen on seeing the coin reach its former glory, but the path is steep and fraught with challenges.
- A bull run akin to that of 2021’s surge is required for SHIB to hit its historic high once again.
- The 2021 rally was partly fueled by a massive SHIB supply burn, initiated by Ethereum’s co-founder Vitalik Buterin.
- For a significant price increase, SHIB needs more than just burns; it requires broader adoption and utility, as emphasized by lead developer Shytoshi Kusama.
As the crypto community watches the SEC with bated breath, the fortunes of Shiba Inu hang in the balance. Will the approval of a Bitcoin ETF herald a new era for SHIB, or will the meme coin need to find its own path to climb back to its former highs? Only time will tell, but one thing is for sure: the world of crypto remains as exciting and unpredictable as ever.
