Shiba Inu Cryptocurrency Reserve Levels Plummet amid Speculations of an Imminent ETF Launch, Foreshadowing Potential Price Surges
Shiba Inu, the popular meme cryptocurrency, is showing signs of a potential rebound, according to recent developments.
The main driver that could potentially send Shiba Inu prices soaring is the possibility of a sharp increase in the stock market when the Federal Reserve cuts interest rates. This rate cut is likely to trigger risk-on sentiment among investors, which could push the crypto market up in the short term.
There are some positive signals that point to a potential rebound for Shiba Inu prices. The balance of SHIBs on the exchange has dropped sharply to 283 trillion, from 290 trillion in August, suggesting that investors are holding onto their SHIBs, a positive sign for the coin's future value.
Moreover, 'smart money' investors have increased their holdings of SHIB to 11.7 billion SHIBs, indicating they expect SHIB prices to rebound soon. This increase in institutional interest is a strong indicator of the coin's potential future growth.
Shibarium, a layer-2 network of Shiba Inu, competes with other popular platforms such as Base and Arbitrum. Shibarium revealed a compelling reason to bring the SHIB ETF as the ecosystem has now expanded beyond just meme coins. This expansion could attract more investors and drive up the price of SHIB.
The direction of the movement after the meeting of these two lines will depend on stock market today trends. The crypto market tends to perform well in the fourth quarter of each year, with an average Bitcoin return of over 80% since 2013. This trend could bode well for Shiba Inu prices.
However, it's important to note that Shiba Inu (SHIB) prices have plummeted in recent days, dropping from this month's high of $0.00001475 to lows of $0.00001300. The decline seems to be coming to an end as the coin is slowly forming a symmetrical triangle pattern. If the SHIB price rebound is strong, the price could go up to $0.00001760, an increase of about 35% from the current position.
As for the current market cap and circulating supply, the market cap of Arbitrum is Rp 45,33 Triliun, while the circulating supply of Shiba Inu is Rp 5,29 Miliar. The current trading volume of Arbitrum is Rp 8,22 Triliun. The trading volume of Shiba Inu was not specified in the provided data.
Other meme coins like Dogecoin, Floki, Bonk, and Pudgy Penguins have companies that have applied for ETFs. Bitwise has filed ETF applications for Bonk (BONK) and Dogecoin, while 21Shares received SEC approval to process its S-1 application for a Dogecoin ETF; additionally, Canary Capital applied for an ETF based on the TRUMP token. There are no publicly known ETF applications specifically for Pudgy Penguins.
The Shiba Inu's main coin is currently trading at Rp 0,22003179. With these factors in play, it will be interesting to see how the Shiba Inu market evolves in the coming days and weeks.
