Predicting SHIB's Rise: Impact of Bitcoin ETF Approval on Shiba Inu

• Potential Approval of Spot Bitcoin ETF by US SEC Could Impact Crypto Market
• Predicted Scenarios for Shiba Inu (SHIB) Price
• Bullish Scenario for SHIB And BTC
• Shiba Inu's (SHIB) Journey to Reclaim Its All-Time High
• The Road to Shiba Inu's (SHIB) All-Time High
• Increasing Mass Adoption for SHIB

Potential Approval of Spot Bitcoin ETF by US SEC Could Impact Crypto Market

The crypto world is abuzz with the possibility of the U.S. SEC (Securities and Exchange Commission) approving a spot Bitcoin$42,260 -0.64% (BTC) ETF (Exchange Traded Fund). According to Bloomberg analysts, there's a 95% probability that the financial regulatory authority will approve one or more applications this month. It's widely expected that the markets will experience a rally upon approval of a spot BTC ETF, with memecoins like Shiba Inu$0.000010 -2.05% (SHIB) predicted to join the upward trend.

Predicted Scenarios for Shiba Inu (SHIB) Price

Google's Bard AI (Artificial Intelligence) tool offers two potential scenarios for Shiba Inu's (SHIB) price if a spot BTC ETF receives approval. Under a bearish scenario, Bard foresees a 5-10% rally for both Bitcoin (BTC) and SHIB. In this scenario, SHIB's price could potentially rise to approximately $0.00001056.

Bullish Scenario for SHIB And BTC

Bard also projects a bullish scenario where both BTC and SHIB could surge by 20-30%. In such a situation, SHIB's price could peak at a high of $0.00001248. It's important to mention, however, that Bard does not expect SHIB to reach its all-time high of $0.00008616.

Shiba Inu's (SHIB) Journey to Reclaim Its All-Time High

Currently, SHIB has declined by over 88% from its all-time high, which it reached in October 2021. Although numerous fans and investors are hopeful that the memecoin will return to this level soon, the journey is not anticipated to be straightforward.

The Road to Shiba Inu's (SHIB) All-Time High

For Shiba Inu (SHIB) to reach its all-time high, the crypto market would need to experience a bull run similar to that of 2021. Furthermore, in 2021, SHIB underwent a significant burn which eliminated half of its supply. This burn was initiated by Ethereum$2,315 -2.42%'s Vitalik Buterin, who received half of SHIB's supply upon the project's inception.

Increasing Mass Adoption for SHIB

In addition to these factors, SHIB would require a significant increase in mass adoption. The project's lead developer, Shytoshi Kusama$49.4 -1.55%, has noted that burns alone will not increase prices. The project needs broader adoption for prices to rally.

Edited by Jonathan Stoker