- The recent approval of Bitcoin & Ethereum ETFs inspires SHIB ETF hopes.
- After 60 days of requests on social media, SHIB ETF nears 10K signatures.
- Shiba Inu’s (SHIB) price skids 7% to maintain key support above $0.000023.
The quest for a Shiba Inu exchange-traded fund (ETF) continues as a SHIB ETF petition on Change.org is close to reaching 10,000 signatures. July 10 marks the two-month anniversary of the petition’s inception, directed at Grayscale Investments ex-CEO Michael Sonnenshein.
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As of press time, the SHIB ETF petition has 9,719 signatures, leaving just 281 autographs to reach the five-figure milestone. “It is with this common vision in mind that we cordially urge Grayscale to contemplate the establishment of a Shiba Inu (SHIB) Exchange Traded Fund (ETF),” reads the SHIB Army’s statement, first issued on February 25.
Grayscale received a direct request from the SHIB community due to its leading role in introducing Bitcoin and Ethereum ETFs in the United States. Grayscale’s Bitcoin Trust (GBTC) Bitcoin ETF remains the largest by assets under management (AUM), and the company filed for an Ether Spot ETF soon after the major Bitcoin ETF breakthrough on January 10, 2024.
Main Points of Consideration for SHIB ETF
The SHIB Army invited Grayscale to “embrace its role as a leader in the digital currency investment realm” and expects a response from representatives after the capital fund announced plans to convert all 17 cryptocurrency-based investment products into ETFs.
The community drew attention to Shiba Inu’s status as the second most searched cryptocurrency, only behind BTC. The Google Trends data showcases SHIB’s edge over ETH and XRP in queries, while the SHIB Army also mentions a need to enhance investor confidence.
This could be done via clearer regulation and the boundless opportunities imposed by “incorporating new cryptocurrencies into structured investment vehicles.”
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According to CoinGecko, SHIB is changing hands at $0.00002325 at press time. Trading in phased consolidation for the past 24 hours, SHIB remains slightly oversold, with the Relative Strength Index (RSI) pointing to 44.
The wide range of the Bollinger Bands hints at incoming SHIB price fluctuations after the 7% week-long market correction pushed SHIB to the pre-claimed support levels of $0.00002300 after claiming a 7-day peak of $0.00002622.
On the Flipside
- Neither former Grayscale CEO Michael Sonnenshein nor any staff member have commented on the SHIB ETF petition.
- Late last year, Grayscale unveiled plans to convert Bitcoin, Ethereum, Solana, and Litecoin investment products into ETFs.
Why This Matters
Grayscale’s introduction of the SHIB ETF would broaden the investment opportunities for bank customers, bolstering the integration of crypto into traditional finance.
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