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That’s why the Shiba Inu price is above $0.000025 today
Some of the factors that pushed the Shiba Inu price up 4.3% in 24 hours include the anticipation of a spot ETF and the upcoming trading of SHIB perpetual futures on Coinbase.
According to data from CoinMarketCap, the price of Shiba Inu has seen a slight increase over the past 24 hours, reaching a daily high of $0.00002589.
While Shiba Inu has lost some of this gain, the leading canine-themed token is still up 4.3% on the daily charts, with one unit currently changing hands at $0.00002542.
Previews on the SHIB ETF
Shiba Inu’s daily surge can be attributed to multiple factors, including the recently approved spot Exchange Traded Funds (ETFs) for Ethereum.
Following the SEC’s approval of 194-b filings for spot ETFs, the broader crypto community has decided which crypto asset might be next in line for an exchange-traded fund.
AS reported Previously, Shiba Inu lead developer Shytoshi Kusama recently joined the conversation, asking whether approved Ethereum funds could potentially facilitate the creation of a SHIB ETF.
Meanwhile, ecosystem manager Shiba Inu
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While many members of the Shiba Inu community are bullish on the prospect of the SHIB ETF, no company has officially indicated interest in launching an ETF for the canine-themed token.
Despite this, members of the Shiba Inu community are calling on asset managers to launch the product. Recall that shortly after the US SEC approved several Bitcoin ETFs in January, Shiba Inu enthusiasts launched an online petition, urging leading asset manager Grayscale to apply for a SHIB ETF.
Grayscale has not yet returned the call. Nonetheless, these investors are not giving up as the petition gathers support. At the time of going to press, the petition now boasts Out of 10,000 votes, 9,513 signatures were required.
Shiba Inu perpetual futures trading will begin on Coinbase this month
In addition to the anticipation around the potential launch of a spot ETF, another factor that may have influenced SHIB’s price to surge today is the upcoming launch of Shiba Inu perpetual futures for Coinbase’s institutional clients.
AS reported Previously, the San Francisco-based exchange also included two other meme-based cryptocurrencies in its perpetual futures product, including Floki Inu (FLOKI)) and Bonk (BONK).
Specifically, trading in SHIB, BONK and FLOKI perpetual futures will begin on May 30, 2024 at 09:30 (UTC) on the 1000SHIB-PERP, 1000BONK-PERP and 1000FLOKI-PERP markets.
Furthermore, Shiba Inu’s earnings also coincide with the recent forecasts of leading analyst Ashish, who speculated that SHIB price could rise to $0.000075 following a breakout of a consolidation pattern.
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