As a researcher with a background in cryptocurrencies and blockchain technology, I find the ongoing efforts of the Shiba Inu community to secure an ETF for their popular meme coin quite intriguing. With the recent approval of Spot Ethereum ETFs by the SEC, it’s no surprise that the Shiba Inu community is ramping up its campaign for a SHIB ETF.
As an analyst, I’ve been following the developments in the cryptocurrency market closely. Recently, the United States Securities and Exchange Commission (SEC) gave its approval for Spot Ethereum ETFs. This news has sparked renewed interest in the Shiba Inu community, who have long been advocating for a SHIB ETF. The latest move in this direction is a petition to Grayscale, a leading issuer of crypto ETFs, to consider launching a Shiba Inu-themed ETF.
Shiba Inu ETF Petition Crosses 10,000 Signatures
As a researcher, I’ve come across an intriguing development: the Shiba Inu community has managed to collect over 10,000 signatures for their Charge.org petition requesting Grayscale to consider listing a Shiba Inu Exchange-Traded Fund (ETF). The petition urges Grayscale CEO Michael Sonnenshein to give this proposal the attention it deserves.
The petition outlines reasons for establishing an ETF based on Shiba Inu, starting with the current market fad. As stated in the petition, Shiba Inu has gained significant popularity in the US, ranking second among preferred cryptocurrencies, surpassing Ethereum which has already been approved by the SEC.
An alternative explanation provided is that of increased accessibility and expanded investment opportunities. A Shiba Inu ETF is projected to facilitate a larger pool of investors’ involvement in the meme coin, as it eliminates obstacles like creating wallets and making complex purchase orders.
The Shiba Inu coin’s adherence to regulatory standards and emphasis on security are key selling points in the petition. The argument posits that since the meme coin operates on the Ethereum blockchain, which has already been classified as not a security under US law due to passing the Howey Test, it is inherently compliant with regulations. This compliance could significantly increase user trust and confidence in the coin.
Shiba Inu takes a significant role in the crypto world as it has experienced remarkable growth since 2020, now ranking among the top 11 cryptocurrencies by market capitalization. Its devoted community is a noteworthy strength within the crypto sphere.
I’ve analyzed the timeline of this petition and found that it was initiated three months ago, specifically in February 2024. For a while, it appeared to be gaining little traction. However, with recent news about the potential approval of the Spot Ethereum ETF, there has been a surge of interest. At present, the petition has amassed nearly 10,500 signatures. In just the past day, it has seen an impressive increase of over 677 signatures, suggesting a renewed sense of enthusiasm.
The Shiba Inu ETF petition has advanced, aiming for 15,000 signatures next. However, Grayscale or its CEO, Michael Sonnensheen, have yet to acknowledge this request. It’s speculated that XRP and Solana could be the next cryptocurrencies considered for ETF approval by regulatory bodies.
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2024-06-12 05:11