What happened?
Shiba Inu (SHIB) has maintained a consistent triangle pattern over the past 5 months, strengthening bullish predictions for its price. It has successfully upheld the lower support of this 5-month ongoing breakout, despite a 7% weekend decline. Furthermore, Shiba Inu is now eligible under the SEC’s new generic listing standards, which has expedited the approval process for spot crypto ETFs.
Who does this affect?
This affects investors of Shiba Inu, the meme coin, as the market conditions may stimulate higher demand for SHIB. The potential for an explosive run might attract more risk-averse traders looking for high returns. Additionally, the recent eligibility for faster spot crypto ETF approval could inspire traditional finance (TradFi) markets to participate, increasing the demand.
Why does this matter?
The current market conditions becoming conducive for a bull run carries significant implications for the broader market and investors. A successful breakout could potentially drive the coin’s price up by a whopping 100% or even more. The continued U.S. interest rate cuts and the possibility of spot ETFs functioning as catalysts for sustained demand, might lead to substantial gains for investors betting on Shiba Inu.