Shytoshi Kusama Hints at SHIB ETF Amid Ethereum’s Approval

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Minutes after the U.S. Securities and Exchange Commission (SEC) approved Ethereum, Shytoshi Kusama, the mysterious lead developer of Shiba Inu (SHIB), has created quite the buzz within the crypto community regarding future SHIB developments in the wake of Ethereum’s recent ETF approval.

However, other than Kusama’s cryptic tweet that has sparked speculation about Shiba Inu’s potential advancement, there are 2 other major factors hinting towards Shiba Inu’s potential ETF filing. Here’s what they are – 

For those who did not know, Shytoshi Kusama congratulated Ethereum on such a historic feat in a tweet and hinted at the possibility of SHIB chasing a similar regulatory milestone.

“Congrats to our frens at @ethereum on the ETF APPROVAL! Does this pave the way for #SHIB? I’ll let you decide… I’ll stay focused on what we have coming. #STAYTUNED,” Kusama’s X post read.

After the tweet, we analyzed two major factors pointing toward the possibility of SHIB ETF.

Shiba Inu’s Recent Developments

The Shiba Inu community, already buoyed by recent major announcements, is abuzz with anticipation. Shibarium, the layer-2 scalability solution, has completed its hard fork, and ShibaSwap, the community’s decentralized cryptocurrency exchange, continues to evolve. These recent developments within the Shiba Inu ecosystem highlight the ongoing work and fuel excitement among supporters.

Bullish Activity and Whale Surge

Recent bullish activity and a surge in whale transactions indicate growing institutional interest in SHIB. The Whale Transaction Count index, which tracks large transactions, has shown spikes in a general uptrend in recent days, suggesting accumulation by institutional investors. 

This trend adds credence to the bullish thesis for SHIB and indicates potential support for a future SHIB ETF.

SHIB Price: The struggle to break a key hurdle but with some potential for a bullish rally in Shiba Inu could be observed. Chart-wise, since the formation of a local top at $0.0000457 on March 05, SHIB has made lower lows and lower highs in a declining trend line. But a breach above this trend line on May 20 indicates increased buyer pressure. 

Investors can expect SHIB to form a base above $0.0000253 and rally to the $0.0000315 resistance level, with a highly bullish scenario being a retest to $0.0000355.

Coinbase Perpetual Futures Listing

The announcement reached the X post on Thursday, when Coinbase—emerging as one of the world’s largest cryptocurrency exchange platforms regarding trading volume—celebrated its 50th perpetual futures listing, including Shiba Inu. 

“Celebrating our 50th perpetual futures listing with man’s best friend, the dog. We are adding support for $FLOKI, $BONK, & $SHIB perpetual futures on Coinbase Advanced,” the announcement read. 

This listing catapults the market visibility of SHIB and increases its liquidity, which can build a nice foundation for building SHIB exchange-traded fund trusts.

All in all…

The Whale Transaction Count Index, which tracks large transactions, suggests that institutional interest is growing in SHIB. The index’s consistent spikes during price dips suggest that institutional investors are accumulating. Coupled with the bullish outlook across various metrics, this supports the optimistic forecast for SHIB.

The SHIB Army has also petitioned Grayscale to consider creating a Shiba Inu ETF, reflecting the community’s enthusiasm and belief in SHIB’s potential. This could further elevate SHIB’s profile and attract more institutional investors if successful.