- Ethereum ETF buzz inspires SHIB Army to put SHIB ETF in writing.
- The live petition nears 1,000 signatures one day after publishing.
- SHIB’s search queries in the United States overshadow XRP and ETH.
The vibrant and proactive Shiba Inu (SHIB) community, known as the SHIB Army, raised their paws to request a review from Grayscale, the largest Bitcoin exchange-traded funds (ETFs) issuer. The move comes amid heated discussions of Ether’s (ETH) plausible ETF, as the second-largest digital asset broke through $3,000 for the first time since April 17, 2022.
Whipping up 35% gains since last week, the largest Proof of Stake (PoS) blockchain-inspired SHIB custodians put 688 signatures on the Shiba Inu ETF petition, which is now live on Change.org. The team behind SHIB also outlined the main factors to consider in assessing SHIB’s significance.
The petition is directed at Grayscale’s CEO Grayscale Michael Sonnenshein. Grayscale’s Bitcoin Trust (GBTC) raised eyebrows when the Bitcoin ETFs were approved by the U.S. Securities and Exchange Commission (SEC) due to massive outflows topping $5b in the first two weeks of trading, but has stabilized to record-low outflows of $44.2M last Friday.
The Key Reasons to Launch a Shiba Inu ETF
In the petition, SHIB Army lines up four main arguments why an ETF based on the popular memecoin should be considered. According to Google Trends, the search popularity in the United States over the last year puts SHIB above other popular cryptocurrencies like Ether (ETH) and Ripple (XRP).
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Only falling behind the King crypto, Bitcoin (BTC), Shiba Inu (SHIB) encourages Grayscale to take leadership in the markets by “incorporating new cryptocurrencies into structured investment vehicles.” Furthermore, SHIB asserted adherence to the regulation standards in the United States, as ERC-20 tokens on ETH presumably satisfy the Howey Test.
Aiming to simplify investment in SHIB by “removing the hurdles associated with direct purchases,” this petition is heading towards 1,000 autographs at publication.
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However, the Shiba Inu ETF buzz hasn’t been reflected in Shiba Inu’s price. The popular canine coin is changing hands at $0.00000949, according to CoinGecko. Sliding down by 1% in the last 24 hours, SHIB remains below the confluent resistance at $0.00001.
On the Flipside
- The odds of a Shiba Inu ETF being accepted by Grayscale soon are low due to many other benchmark factors besides popularity contributing towards the decision.
- These include adoption by regulated Derivatives marketplaces in the United States and global market capitalization, scarcity, and community development.
Why This Matters
Exchange-traded funds are pivotal for crypto adoption, rendering a breakthrough in traditional finance through indirect cryptocurrency investing.
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