As more altcoins are being considered for an exchange-traded fund (ETF) product after Ethereumโs inaugural ETF was blessed by the U.S. Securities and Exchange Commission (SEC). Launched on July 23, 2024, this first alternative crypto currency ETF swiftly sparked debates on which altcoin is set to go live in a traditionally-regulated market next.
While memecoins havenโt made an entrance into the stock markets just yet, Shiba Inuโs (SHIB) executive team lead Lucie S. spilled out the beans on why the dog-themed crypto should qualify. Firstly, the worldwide accessibility in over 110 crypto exchanges and 212 trading pairs marks an unmatched demand for the canine token and a community-driven SHIB force.
Team Lead Explains Shiba Inuโs ETF Qualification
As Shiba Inuโs own Layer-2 public blockchain exercises a high standard of decentralization, the build-up of decentralized apps, marketplaces and exchanges on Shibarium can help SHIB outgrow its meme coin status.
Sponsored
Next year, the ecosystem is bound to grow with an upcoming Layer-3 chain powered by Fully Homomorphic Encryption (FHE), a cutting edge digital identity protection method. While Shiba Inuโs (SHIB) community continued to grow throughout the ups and downs of Shiba Inu coinโs market value, no American asset manager has filed for a SHIB ETF yet.
Besides, Shiba Inuโs decentralized blockchain has a dedicated developer team of SHIB.io, which developed several significant on-chain features like Liquid Staking Derivatives (LSD), built-in SHIB burning mechanism and ShibaSwap, a decentralized exchange that easily handles conversions between SHIB, BONE, LEASH & Other Shibarium L2 ecosystem tokens.
โSHIB is built different. Decentralized. Resilient. Itโs a coin that can recover fast from anything,โ – proudly declared Lucie, explaining that boomer generation investors would still invest in a โdoggy coinโ ETF if itโs backed by a loyal community and reliable decentralization principles.
Meanwhile, the 21st crypto by global market cap Shiba inu (SHIB) is switching hands at $0.00001350, picking up 4.20% gains in 24 hours. This sums up the weekly rebound to 5%, but SHIB is yet to face a major sell wall on the way up due to only 37% of SHIB holders making a profit at this price range.
On The Flipside
- A publicly-traded Shiba Inu ETF is unlikely to arrive before the competing altcoins, including Solana (SOL), Ripple (XRP) or Cardano (ADA) land an ETF approval.
- So far, financial regulators such as U.S. Securities and Exchange Commission (SEC) havenโt given legitimacy to meme coins as investment vehicles, rather labelling them as digital collectibles.
Why This Matters
Crypto ETFs involving top meme coins would open the door to a new investor audience and acknowledge a new class of digital assets compatible with the traditional stock markets.
Discover DailyCoinโs trending crypto stories:
Ripple (XRP) Bulls Set Eyes On $18, But Not Before Bullish Reversal
Bitcoin Reclaims $87K: Will the Bull Run Continue?
