The cryptocurrency space endured selling pressure today, with optimistic news like the latest Fed rate cut and Trump’s meeting with China’s Xi Jinping failing to trigger anticipated rebounds.
The market value of all digital currencies plunged by over 4% the previous 24 hours to $3.64 trillion.
Bitcoin continued to dip, now trading below $108,000 as Ethereum wavered at $3,680.
T. Rowe Price applies for crypto ETF featuring Shiba Inu
News of T. Rowe Price filing to launch a cryptocurrency exchange-traded fund that could feature Shiba Inu flooded the meme token sector.
The American-based investment manager boasts over $1.7 trillion in assets, and proposed an ETF that offers exposure to top cryptocurrencies, including Bitcoin, Ethereum, Solana, and, of course, Shiba Inu.
Shiba Inu’s lead Lucie took it to X to celebrate the news, which opens the path for SHIB to gain real-world utility and legitimacy, writing:
That means one of the biggest names in traditional finance officially included SHIB in its ETF filing, right next to Bitcoin, Ethereum, and Solana.
Big News for SHIB!
T. Rowe Price a huge $1.7 trillion investment company just filed paperwork with the U.S. SEC to launch a new crypto ETF.
Guess what’s on the list of coins it can hold? Shiba Inu (SHIB) 🐶
That means one of the biggest names in traditional finance officially
Meanwhile, T. Rowe’s move is part of the increasing trend of traditional asset managers venturing into the blockchain industry through ETFs and digital asset strategies.
Friendly regulations under the Trump administration have encouraged such developments.
US regulators approved Solana, Litecoin, and Hedera’s exchange-traded funds this week.
Now, the ETF trend is entering the meme cryptocurrency space.
T. Rowe Price’s decision to include Shiba Inu reflects its intent to attract younger digital asset enthusiasts who resonate with community projects.
Attention remains on the SEC’s feedback. Can the regulator approve an ETF linked to a meme cryptocurrency?
SHIB lost more than 5% of its value in the past 24 hours as selling pressure dominated the broader market.
Even so, T. Rowe’s SHIB consideration shows the altcoin could be among the first to herald meme token ETFs in the future, when the SEC begins approving such financial products.
While cryptocurrencies carry massive risks, meme coins witness wild fluctuations since they rely on hype.
Cardano whale exit amid market uncertainty
While Shiba Inu recorded an institutional milestone, ADA faced amplified selling momentum as whales offloaded.
According to Ali Martinez, dip-pocketed investors have sold more than 100 million Cardano tokens this week.
100 million Cardano $ADA sold by whales in 72 hours!
These individuals likely exited the market to avoid further dips or rotated their funds to relatively stable tokens amid the prevailing uncertainty.
ADA is changing hands at $0.6130 after losing over 5% the previous 24 hours.
It should reclaim the short-term support barrier at $0.67 to avoid extended declines.
With that, the altcoin can soar to $0.80 and break out to $1.70.
That would translate to an over 170% increase from Cardano’s market price.
On the other hand, losing $0.60 will accelerate ADA’s declines in the short term.
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