Investigate the potential for Shiba Inu's price to attain $0.0001 contingent upon the launch of $SHIB futures by the CME.
A double-bottom pattern indicates a strong likelihood of this outcome. On May 7, Shiba Inu (SHIB) is experiencing an upward trend as the cryptocurrency market responds positively to optimistic news regarding a potential trade agreement between the US and China.
This meme coin appears poised for further appreciation as speculation mounts that institutional investors may begin to favor $SHIB .
This article examines the extent to which Shiba Inu may surge and assesses the possibility of it reaching $0.0001 following the introduction of futures for this meme coin by the CME.
Will CME Launch SHIB Futures?
The CME Group is set to introduce Ripple (XRP) futures on May 19, which has sparked speculation regarding the potential inclusion of SHIB on the trading platform.
Shiba Inu already holds a significant position in the crypto derivatives market, boasting $154 million in open interest as reported by Coinglass. Its entry into the CME could attract greater institutional interest and bolster price increases.
Although CME has not yet announced any plans for this product, the current dynamics within the crypto sector indicate that such a development may be forthcoming.
The recent surge in spot ETF applications for various altcoins has led to speculation about whether asset managers will also pursue a spot SHIB ETF.
The SEC is currently reviewing a filing for a spot DOGE ETF, with Bloomberg analysts estimating an 80% likelihood of approval for Dogecoin.
The anticipation of a meme coin ETF entering the market has heightened expectations that Shiba Inu, the second-largest meme token, will follow suit.
Nevertheless, the chances of a spot SHIB ETF filing and subsequent SEC approval appear slim; however, the leading meme coin already participates in an active derivatives market, suggesting that SHIB futures are more likely to be launched prior to any ETF applications.
Shiba Inu Price Targets $0.0001 as Bullish Pattern Emerges
The price of Shiba Inu is poised for significant increases as the technical analysis indicates a bullish trend, highlighted by the emergence of a double-bottom pattern.
This pattern has formed on the monthly chart as SHIB strives to maintain support at $0.000010, which also serves as a demand zone where buyers are expected to step in to facilitate an upward movement.
Should this altcoin successfully breach the resistance at the neckline of the double-bottom at $0.000021, it could set the stage for the next bull run, with a price target of $0.000030 for Shiba Inu.
Surpassing this resistance would position the meme coin on a path to reclaim its previous all-time high of $0.000088, ultimately leading to a target of $0.0001.
Consequently, as speculation intensifies regarding a possible increase in institutional interest in $SHIB within an already vibrant derivatives market, CME may introduce futures products for meme coins.
This introduction could attract institutional demand, potentially leading to significant gains in the Shiba Inu price and possibly achieving the $0.0001 price target illustrated in the double-bottom formation.
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