Shiba Inu’s marketing lead, Lucie, has sparked excitement within the SHIB community by suggesting an impending altcoin season is on the way. This period is typically characterized by a surge in activity and rising prices for alternative cryptocurrencies, including Shiba Inu (SHIB).
Lucie’s comments came in response to a recent promotional video released by BlackRock, a leading investment management firm. The video highlights the iShares Ethereum Trust ETF (ETHA), a new product designed to offer investors exposure to Ethereum, the second-largest cryptocurrency by market capitalization.
BlackRock’s Focus on Ethereum’s Utility
In the video, Jay Jacobs, BlackRock U.S. Head of Thematic and Active ETFs, emphasizes Ethereum’s unique value proposition: its utility. He positions Ethereum as a global platform for decentralized applications (dApps), which has fueled the rising demand for its native token, ETH. Responding to this growing interest, BlackRock launched the iShares Ethereum Trust ETF, allowing investors to participate in the Ethereum market without directly owning the cryptocurrency itself.
BlackRock was one of eight issuers to receive approval from the Securities and Exchange Commission (SEC) to launch a spot-based Ethereum ETF. The company’s ETHA ETF commenced trading on July 23, 2024, shortly after the promotional video’s release. Notably, the ETF garnered a significant trading volume of $22.5 million within its first 15 minutes.
Shiba Inu Community Anticipates Altcoin Season
Lucie’s reaction to BlackRock’s video acknowledges the ongoing presence of fear, uncertainty, and doubt (FUD) within the cryptocurrency space, often spread by critics. She suggests that BlackRock’s decision to release an Ethereum ETF video amidst such sentiment serves as a positive signal for potential investors. Lucie further encourages the Shiba Inu community to “think big” and anticipates the imminent arrival of an altcoin season.
Shiba Inu’s Past Performance and Future Potential
The prospect of an altcoin season is particularly exciting for Shiba Inu holders, as it has the potential to trigger significant price increases for alternative cryptocurrencies like SHIB. Investors recall the dramatic price surge experienced by Shiba Inu during the 2020/2021 altcoin season, where the token skyrocketed by millions of percent to reach its all-time high of $0.00008845 on October 28, 2021. Notably, the market conditions at that time were less favorable compared to the current situation.
The introduction of Ethereum ETFs has sparked speculation about a potentially historic altcoin season. Experts believe that these instruments could act as gateways, attracting traditional financial institutions and their capital into the altcoin market. Consequently, optimistic predictions for altcoins like ETH and SHIB are circulating widely. Some analysts project that SHIB, the popular dog-themed token, could surpass its previous all-time high and reach new records ranging from $0.0001 to $0.001 during the upcoming altcoin season. However, whether Shiba Inu will achieve these targets before the conclusion of the 2024/2025 altcoin season remains to be seen.
