The cryptocurrency community is buzzing with the latest speculation surrounding the potential launch of a Shiba Inu (SHIB) ETF. On Monday, the renowned on-chain tracking platform Whales HQ set the market aflame with rumors suggesting that Wall Street experts foresee a SHIB-backed exchange-traded fund (ETF) debut in the near future. The speculation has quickly spread across the crypto ecosystem, triggering a surge of excitement among traders and meme coin enthusiasts alike.
Wall Street’s Eyes on Shiba Inu ETF: Could SHIB Make History?
The anticipation around a Shiba Inu ETF is significant, especially given SHIB’s rise as one of the most recognized meme coins in the market. According to a recent X post by Whales HQ, dated October 7, top Wall Street analysts have hinted that SHIB could be one of the next cryptocurrencies to be considered for an ETF approval. The announcement has stirred a wave of speculation, leading many to wonder if the world’s leading dog-themed token could beat Dogecoin (DOGE) to an ETF launch.
A Major Milestone for SHIB?
If a SHIB ETF does come to fruition, it could mark a groundbreaking milestone for the meme coin community, much like the Bitcoin and Ethereum ETFs that revolutionized crypto investing. However, a degree of skepticism prevails in the market. With Shiba Inu’s current market cap sitting at just $10.52 billion, analysts question the viability of such an ETF in the near term. This has led to widespread debate on whether Dogecoin, the first-ever meme coin, might receive an ETF approval before SHIB.
DOGE vs. SHIB: Which Will Win the ETF Race?
Given Dogecoin’s larger market cap and longer history, many experts argue that DOGE would naturally be the front-runner for any dog-themed ETF launch. The premier meme coin currently holds a market cap significantly higher than SHIB, positioning it as a likely candidate for a fund manager’s focus.
However, it’s worth noting that even more prominent cryptocurrencies, such as Solana (SOL) and Ripple’s XRP, are still awaiting their ETF approval. Just last month, Bitwise filed for an XRP ETF, reinforcing the notion that only the most established digital assets with high liquidity and market acceptance are currently being considered by regulatory bodies.
The Broader Meme Coin Impact: BONK Sets a Precedent
Interestingly, Shiba Inu isn’t the only dog-themed crypto project making moves toward an institutional investment product. Bonk (BONK), another dog-inspired meme token, recently announced plans to launch a BONK ETP (Exchange-Traded Product) in the U.S. This announcement set a precedent, suggesting that meme tokens are indeed exploring pathways to ETF-like products. Despite its modest market cap of $1.57 billion, Bonk’s proactive approach may pave the way for future developments across the meme coin sector.
What a SHIB ETF Could Mean for the Market
The potential launch of a Shiba Inu ETF could have far-reaching implications for the broader crypto market. For one, it would introduce SHIB to a new class of institutional and retail investors who may have previously overlooked meme coins as viable investments. Moreover, an ETF approval could signal a maturation of the Shiba Inu ecosystem, elevating it from a speculative meme asset to a more serious investment vehicle.
Such a development would likely lead to an influx of capital into SHIB, possibly spurring significant price appreciation. However, the lingering question remains whether the current market conditions and SHIB’s relatively smaller market cap are enough to secure an ETF approval in the near future.
SHIB & DOGE Price Performance Amid ETF Rumors
As the ETF speculation continues to swirl, both Shiba Inu and Dogecoin have shown positive price movement, albeit modestly. At the time of writing, SHIB is trading at $0.00001785, up nearly 2% in the past 24 hours. The coin’s intraday low and high were $0.0000175 and $0.00001878, respectively.
Simultaneously, Dogecoin is trading at $0.1111, which is up nearly 1% in the past 24 hours. The coin’s 24-hour low and high were $0.1096 and $0.1152, respectively. Both tokens seem to be reflecting the broader market trend, which has shown a slight uptick in momentum recently.
Will a SHIB ETF Launch Happen Soon?
While the SHIB ETF rumor has certainly injected excitement into the market, its chances of materializing soon appear slim. The approval of a meme-coin ETF would be a groundbreaking move, but regulatory scrutiny and the coin’s current market dynamics suggest that such an event is likely a long shot for now.
Nevertheless, the mere speculation of a Shiba Inu ETF has demonstrated the market’s sensitivity to institutional product rumors, reaffirming SHIB’s growing presence as a serious contender in the crypto world.
Conclusion: A Bullish Signal for the Future?
Whether or not a Shiba Inu ETF becomes reality, the ongoing chatter indicates a bullish sentiment surrounding the token. If nothing else, this speculation has shown that meme coins like SHIB and DOGE are increasingly being viewed as legitimate assets worthy of institutional interest. This evolving narrative could be the catalyst that propels the meme coin sector to new heights in the coming months.
QUEEN WHALE
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