Unlike Dogecoin ETF, no issuer has applied for a SHIB ETF so far

One of Shiba Inu’s (SHIB) ecosystem executives, Lucie, recently made headlines by pitching an ETF for the memecoin, igniting excitement about a potential price breakout. According to her, SHIB is available on various exchanges and is more than just a meme.

> “Is SHIB good for an ETF? Yes. Will boomers invest in a ‘doggy coin’? Also yes. Because SHIB isn’t just a meme—it’s decentralized, community-driven, and built to last.”

Will SHIB follow DOGE?

Currently, aside from Dogecoin (DOGE), no other issuer has applied for a spot memecoin ETF with the SEC. Despite this, Polymarket indicates a 72% chance of ETF approval by the end of 2025.

As leading players in the memecoin arena, it remains uncertain whether a SHIB ETF will emerge following the DOGE ETF. Nonetheless, SHIB appears well-positioned for a breakout, given low selling pressure and months of accumulation. A crucial catalyst is needed to trigger this movement.

Notably, sell-offs on exchanges have fallen to record lows, as seen in the supply on exchanges (yellow line). Between December and March, over 50 trillion SHIB were shifted away from exchanges, rising from 855 trillion to 901 trillion SHIB in supply outside exchanges (blue). This indicates that holders purchased the Q1 dip, likely anticipating a future rally.

However, network activity dipped to a quarterly low of around 4,000 users, a significant decline from nearly 20,000 in December, indicating a 5x reduction in user interest.

Should user interest remain low in the short term, a robust recovery could be jeopardized. On the price chart, SHIB was up 25% from its March 2025 lows at the time of reporting, aligning with its August 2024 lows.

Currently, SHIB is trading between $0.000012 and $0.000020 in Q3. An extension of recovery to $0.000020 could yield gains of 47%, but the obstacle at $0.000016 (red zone) must be overcome first.