In an unprecedented mover, rumors of a Shiba Inu ETF launch looming over the crypto horizon have set the market abuzz. On Monday, renowned on-chain tracker Whales HQ revealed that Wall Street experts anticipate a SHIB ETF launch in the near future. This announcement has echoed a frenzy among market participants whilst enthusiasts speculate whether a DOGE ETF is in the pipeline or not.
Wall Street Experts Anticipate Shiba Inu ETF Launch Ahead Of DOGE
According to an X post by Whales HQ dated October 7, Wall Street experts are foreseeing a Shiba Inu ETF launch in the near future. However, a massive tide of speculation prevails in the market whether such rumors are potentially true.
Given the current market scenario, it is quite evident that a digital asset-backed ETF propels substantial money inflow into the ecosystem. Should the crypto realm see a SHIB ETF launch, a similar impact could emerge. However, given SHIB’s minor market cap of just $10.52 billion, market watchers question the likeliness of such a scenario.
If anything, the largest meme token by market cap, Dogecoin, could see an ETF before a SHIB-backed exchange-traded product goes live. On the contrary, Bitcoin, the first crypto to score an ETF approval, boasts a market cap of a whopping $1.24 trillion. Simultaneously, Ethereum, the second largest crypto by market cap, secured an ETF with a market cap of $297.16 billion. Concerning this, renowned cryptocurrencies such as Solana (SOL) and Ripple’s XRP appear to be already in line for an ETF launch ahead. CoinGape Media reported Bitwise filed for an XRP ETF recently. Notably, the exchange forged ahead, filing a registration for a Delaware statutory trust, eyeing the ETF launch.
Besides, it’s also worth mentioning that Bonk, another dog-themed meme coin, announced a BONK ETP launch in the U.S. recently. This mover by the token’s community paves the way for an ETF launch ahead. Nevertheless, even Bonk’s market cap of just $1.57 billion has clouded the chances of an ETF in an enigma. Altogether, current market stats point out that a Shiba Inu ETF launch may not be as soon as pointed out by Whales HQ.
SHIB & DOGE Price Performance
At press time, SHIB price traded 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, DOGE price traded 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. The meme coins’ rising movement today falls in line with the broader market trend. Meanwhile, a Shiba Inu ETF launch could further fuel a positive momentum in the token’s price, although chances of so remain low in the near future.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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