Bitrabo Editorial
Shiba Inu (SHIB) is showing signs of a potential rally due to recent developments that have created a positive outlook for the meme coin.
Shiba Inu Net Flows Spike
Recent data from IntoTheBlock reveals a significant increase in net flows for Shiba Inu, reaching 379.61 billion SHIB tokens in the last 24 hours. This surge indicates heightened whale activity within the Shiba Inu ecosystem.
Whale activity suggests that prominent investors are accumulating SHIB in anticipation of a possible price increase. These investors can influence SHIB’s price movements through their substantial purchases. The rise in net flows also indicates rising demand for SHIB among retail investors.
The recent surge in net flows aligns with Shiba Inu’s listing on the Solana-focused crypto exchange Backpack. Given Solana traders’ interest in meme coins, Backpack likely experienced significant demand for SHIB, resulting in the accumulation of a substantial amount of tokens on the platform.
Additional on-chain metrics, such as Net Network Growth and Whale Concentration, further support a bullish scenario for Shiba Inu, indicating increased adoption and whale activity within the ecosystem.
Potential for a SHIB ETF
Shytoshi Kusama, Shiba Inu’s lead developer, hinted at the possibility of a SHIB ETF following the approval of Spot Ethereum ETFs. Crypto expert Anthony Pompliano echoed this sentiment, suggesting that approval of such ETFs would have industry-wide implications.
Previously, the Shiba Inu community petitioned Grayscale to launch a SHIB ETF. With Spot Ethereum ETFs approved, there is renewed optimism for the community to push for a Shiba Inu ETF with Grayscale or another asset manager.
However, launching a SHIB ETF is a complex process. Bloomberg analyst James Seyffart noted that any crypto token seeking an ETF must first be listed for futures trading on a regulated platform like the Chicago Mercantile Exchange.