Shiba Inu (SHIB) price is trading higher today, May 7, as the crypto market reacts to the bullish news around the possibility of the US and China reaching a trade deal. This meme coin may be on the verge of even more gains as speculation grows that institutions may turn towards SHIB. In this article, we look at how high Shiba Inu can rally and whether it will reach $0.0001 if CME launches the meme coin’s futures product.
Will CME Launch SHIB Futures?
The CME Group will be launching Ripple (XRP) futures on May 19, in a move that has fuelled speculation about whether SHIB will be next on the trading platform. While Shiba Inu already has a notable presence in the crypto derivatives market with $154M in open interest according to data from Coinglass, its entry into the CME could draw more institutional interest and support price gains.
CME has yet to unveil any plans to launch the product, but the current events in the crypto industry suggest that it may happen. The ongoing flurry of spot ETF filings for different altcoins is driving speculation on whether asset managers will also file for a spot SHIB ETF.
The SEC is already considering the submitted filing for a spot DOGE ETF, and per Bloomberg analysts, Dogecoin has an 80% chance of approval. With the possibility of a meme coin ETF entering the market, the crypto market is awash with expectations that the second-largest meme token, Shiba Inu, will follow.
However, the likelihood of a spot SHIB ETF filing and potential SEC approval remains unlikely, but the top meme coin already has an active derivatives market. This means that it is more likely for SHIB futures to launch before ETFs are filed.
Shiba Inu Price Targets $0.0001 as Bullish Pattern Emerges
Shiba Inu price is on the verge of massive gains as the technical outlook leans towards a bullish trajectory due to the appearance of a double-bottom pattern. This formation has appeared on the monthly chart as SHIB battles to defend support at $0.000010. This support level also doubles as a demand zone where buyers are likely to enter to support an upward trend.
If this altcoin can overcome resistance at the neckline of this double-bottom at $0.000021, it may pave the way for the next bull run and a Shiba Inu price prediction to the target price of $0.000030. Overcoming this resistance will then put the meme coin on the trajectory to reach the prior ATH of $0.000088, after which $0.0001 will be achieved.
SHIB/USDT: 1-Month Chart
Therefore, as speculation grows rife about a potential surge in institutional interest towards SHIB amid an already active derivatives market, CME may launch meme coins futures products. Such a launch may draw institutional demand, and see the Shiba Inu price record notable gains and possibly reach the $0.0001 price target as depicted in the double-bottom formation.
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