The cryptocurrency space is abuzz about the possibility of the US SEC (Securities and Exchange Commission) approving a spot Bitcoin (BTC) ETF (Exchange Traded Fund). Bloomberg analysts say there is a 95% chance that the financial watchdog will greenlight one or more applications this month. Many anticipate the markets to rally upon approval of a spot BTC ETF, with memecoins such as Shiba Inu (SHIB) joining the party.
Google’s Bard AI (Artificial Intelligence) tool gives two scenarios for Shiba Inu’s (SHIB) price, given a spot BTC ETF is approved. In a bearish scenario, Bard anticipates a 5-10% rally for Bitcoin (BTC) and the same for SHIB. In this scenario, SHIB’s price could surge to around $0.00001056.
Bard also gives a bullish scenario Where BTC and SHIB jump by 20-30%. In such a scenario, SHIB’s price could reach a high of $0.00001248.
However, one should note that Bard does not expect SHIB to reach its all-time high of $0.00008616.
When will Shiba Inu (SHIB) reclaim its all-time high?
SHIB is currently down by over 88% from its all-time high, which it attained in October 2021. Although many fans and investors hope the meme coin will reclaim this level soon, the journey will not be easy.
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For Shiba Inu (SHIB) to reach its all-time high, the crypto market has to enter a 2021-like bull run. Moreover, in 2021, SHIB had a massive burn, which removed half its supply. Ethereum’s Vitalik Buterin initiated the burn, as he received half of SHIB’s supply upon the project’s launch.
Additionally, SHIB has to see an uptick in mass adoption. Lead developer Shytoshi Kusama also said that burns alone will not push prices. The project needs more adoption for prices to rally.
