Shiba Inu price has not made any meaningful gains over the past month, as meme coin traders remain cautious due to uncertainty caused by tariffs and the trade war. However, one top trader has used an Elliott Wave analysis to identify a bullish outlook for SHIB, suggesting that it may be on the verge of a 700% rally to $0.0001. Is this price target realistic? Let’s explore.
What Elliot Wave Analysis Says About Shiba Inu Price
Analyst CaptToblerone used the Elliott Wave analysis to forecast that the Shiba Inu price was on the verge of a major upside move. The meme coin may have completed the corrective phase near the $0.0000055 price level, suggesting that SHIB may have bottomed and it is now prime for an upward recover.
The analyst noted that Shiba Inu is now prime for five waves of recovery, where the price will climb slowly, with a series of higher highs. If the pattern plays out, Shiba Inu price could rally to as high as $0.00014, which is more than ten times its current price.
Shiba Inu Price Chart
CaptToblerone added that the SHIB price had followed the Elliott Wave pattern in the past, suggesting that the rally to $0.00014 will likely happen.
Is $0.0001 a Realistic Target for SHIB Price?
$0.0001 is a realistic target for the Shiba Inu price. At this price, this top meme coin would have a market capitalization of $58.9 billion, which is also a realistic target.
Shiba Inu has been close to attaining this price target in the past. This is because the meme coin’s all-time high stands at $0.000088, attained in 2021. Moreover, several bullish catalysts could make this price rally possible.
One of these catalysts is the SHIB burn rate. If the burn rate can skyrocket, it will remove a significant amount of tokens from the circulating supply. This will help drive the price rally. Additionally, increased activity on the Shibarium layer 2 network will be a catalyst for a positive Shiba Inu price prediction.
Shiba Inu Open Interest Rebounds
The SHIB open interest has rebounded significantly since hitting a record low of $89M last week. At press time, this metric stood at $116M, suggesting that traders are opening new positions on the meme coin, as they bet on a major price move.
Shiba Inu Open Interest
The open interest is rising when the funding rates are positive according to data from Coinglass. This indicates that many traders have opened long positions on Shiba Inu. As more traders bet that the price is going to increase, it highlights a bullish market sentiment.
Therefore, if Shiba Inu follows the path laid out in the Elliott Wave analysis, it is likely that the price will surge to $0.00001. This is a realistic target for SHIB as it will give the meme coin a $58 billion market. The rising open interest also supports this bullish outlook.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to understand why the share price of Cantor Equity Partners Inc. (CEP) is seeing downside pressure while the share price of Strategy’s stock (MSTR) is increasing. CEP is the company behind 21 Capital, a newly established firm imitating Strategy’s Bitcoin model.
Crypto News of the Day: Max Keiser Issues 21 Capital Warning as CEP Shares Sink
Twenty One Capital’s ambitions to become the next major corporate Bitcoin player are under fire. The share price of its holding company, Cantor Equity Partners Inc., is bearing the brunt of overhead pressure.
The CEP stock price is down by over 6% in the last five trading days. Meanwhile, the share price of its market rival, Strategy (formerly MicroStrategy), is up by over 7%.
Headed by James Mallers, Twenty One Capital presented as Strategy’s inadvertent market rival, or peer. It introduced BTC-native metrics like Bitcoin Per Share (BPS), effectively challenging Strategy’s model, where investors have indirect exposure to Bitcoin through MSTR stock.
In a recent US Crypto News publication, Bitcoin pioneer Max Keiser said institutions must “Saylorize” or die. Nevertheless, despite Twenty One Capital extending the “Saylorization” trend, the CEP stock price continues to endure downward pressure while Strategy’s stock price is gaining.
Against this backdrop, investors hoped that hype around Cantor Equity Partners Inc.’s planned SPAC merger could reverse the trend, but this appears to be false hope. Notably, the merger would see CEP stock listed under the new ticker XXI.
“Cantor Equity Partners (CEP) announced a merger with bitcoin treasury company Twenty One Capital in a $3.6 billion merger,” reports indicated.
The announcement propelled shares of the SPAC vehicle, Cantor Equity Partners (CEP), sharply higher, but now momentum is fading.
Investors who hoped for a post-merger rally have watched the stock drift downward toward the mid-$20s over the past five days.
BeInCrypto contacted Max Keiser for insights into why this is happening, with the Bitcoin maxi blaming it on Twenty One Capital’s model mimicking Strategy.
Mimicking Strategy Could Be Detrimental, Max Keiser Says
According to Max Keiser, Twenty One Capital’s attempt to mimic Strategy could prove far riskier and less effective.
“There’s a big difference between a company with a Bitcoin treasury strategy and a Bitcoin strategy company,” Keiser told BeInCrypto.
Keiser says Strategy is leveraging its heft as a company with lots of Bitcoin, harnessing volatility to buy more BTC. However, Cantor Equity Partners Inc. or Twenty One Capital does not meet that standard.
“CEP is a company that is looking to buy lots of Bitcoin, which is very volatile. I question if they can effectively harness that volatility like Strategy does,” he added.
Twenty One Capital is the third-largest corporate Bitcoin holder after Strategy and Bitcoin mining firm MARA Holdings. Data on Bitcoin Treasuries shows Strategy holds 568,840 BTC, while MARA holds 48,237 Bitcoin tokens.
Meanwhile, after Tether acquired 4,812.2 Bitcoin (now held in an escrow wallet as Twenty One Capital prepares to complete a SPAC merger with Cantor Equity Partners), Twenty One Capital holds 36,312 Bitcoin tokens.
Corporate Bitcoin holders by portfolio size. Source: Bitcoin Treasuries.
In the interview with BeInCrypto, Keiser articulated that trying to copy Strategy’s model without the infrastructure, discipline, or scale puts 21 Capital in a precarious position.
“A Bitcoin strategy company is inherently riskier, with no clear path to be as competitive as Strategy in leveraging market volatility to capture more Bitcoin,” he stated.
Further, despite the surge in interest from investors hoping to jump on what appeared to be the “next big BTC play, Keiser believes the long-term winner is already clear.
“Ultimately, the big winner will continue to be Strategy, with dozens of knock-offs trying to catch them, failing to generate the same returns, but increasing demand for Bitcoin substantially. That ends up benefiting STRATEGY proportionately more than the knock-offs, with less risk,” he concluded.
This aligns with a sentiment from Steven Lubka, the Head of Swan Private Wealth. As BeInCrypto noted in one of the US Crypto News publications, Lubka said the inadvertent competition between Twenty One Capital and Strategy will ultimately bode well for Strategy.
“Ironically, someone throwing the gauntlet at Microstrategy, ‘we want to become the most successful company in Bitcoin, ‘ Only makes Microstrategy more valuable,” Lubka remarked.
Charts of the Day
Strategy’s MSTR stock price performance. Source: Google Finance
This chart shows Strategy Inc.’s stock price rose by $28.61 or 7.28% over the past five days, closing at $421.61 on May 14.
Cantor Equity Partners (CEP) stock price performance. Source: Google Finance
This chart shows a 5-day decline in Cantor Equity Partners Inc.’s stock price, down by 6.22% since May 7. CEP closed at $29.84 on Tuesday and is attempting a slight pre-market recovery.
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
The struggling Ethereum price has one key catalyst that may propel it to rocket above the psychological barrier of $2000 and beyond. This catalyst is that the Securities and Exchange Commission (SEC) may soon allow staking in spot ETH ETFs, a move that may attract more inflows from Wall Street investors. This article explores whether ETH price will hit $2k if this approval happens tomorrow.
Ethereum Price May Hit $2000 if SEC Approves ETH ETF Staking
The SEC, under Gary Gensler, approved several spot ETH ETFs in September last year. These funds have not been as successful as initially expected. Data shows that these funds have only attracted $2.47 billion in assets, bringing the total assets to $6.2 billion.
In contrast, Bitcoin ETFs have attracted over $38 billion in inflows, with BlackRock’s IBIT having $58 billion in assets. Granted, these ETFs are over 8 months older than Ethereum ones, but this trends shows that they may never catch up. This sluggish growth explains why the Ethereum price continues to underperform.
One reason for the underperformance is that Gensler rejected Ethereum ETFs with staking features. This means that ETF holders only make price-related returns. In contrast, Ethereum investors earn an annual return of at least 3%, which is higher than that of many dividend-focused ETFs.
This could change soon under Paul Atkins. The SEC met with Grayscale recently and discussed allowing this staking. Such a move would likely result in increased inflows, leading to a higher ETH price, potentially to $2,000 and above. Indeed, data show that spot Ethereum ETFs have experienced inflows over the last three days. CBOE has already applied for staking in Fidelity’s ETH ETF.
ETH Price Technical Analysis: Could Hit $2,000 and Above
The daily chart reveals that Ethereum price rose from the year-to-date low of $1,376 to the current $1,822. This rebound was notable as the coin jumped above the upper line of the falling wedge chart pattern. A wedge often leads to more gains, especially when the two trendlines are about to converge.
ETH price has jumped above the 25-day Exponential Moving Average, another positive signal. The Relative Strength Index has jumped above the neutral point at 50, and is pointing upwards.
These technicals suggest that the value of ETH will continue to rise as buyers target the crucial level at $2,000. This rebound will be confirmed once it moves from the current consolidation phase. A clear breakout to $2,000 will bring the next ETH price target to $2,140, the lowest level in August last year.
Ethereum price chart
However, a bearish ETH price forecast can be made. Indeed, a Polymarket poll shows that many traders are betting that it will drop to $1,000. Also, the Average Directional Index indicator has tilted downwards, signaling a potential downside.
Arizona’s second Bitcoin reserve bill, SB 1373, has cleared its final reading with Senate approval. The bill now moves to Governor Hobbs, who recently vetoed the first Bitcoin Reserve Bill, SB 1025. This represents a key step in the state’s ongoing efforts to establish a Bitcoin reserve, despite the previous rejection. The final decision now rests with the governor, and the outcome will determine Arizona’s next move in its Bitcoin reserve strategy.
The post Arizona’s Bitcoin Reserve Bill Moves Forward appeared first on Coinpedia Fintech News
Arizona’s second Bitcoin reserve bill, SB 1373, has cleared its final reading with Senate approval. The bill now moves to Governor Hobbs, who recently vetoed the first Bitcoin Reserve Bill, SB 1025. This represents a key step in the state’s ongoing efforts to establish a Bitcoin reserve, despite the previous rejection. The final decision now …
