With the approval of Spot ETF Ethereum by the United States Securities and Exchange Commission (SEC), the Shiba Inu community continued to push for a SHIB ETF. The latest development in this effort is a petition to leading Crypto ETF issuer, Grayscale, to launch a Shiba Inu ETF.
Shiba Inu ETF Petition Surpasses 10,000 Signatures
In an interesting turn of events, the Shiba Inu community was able to gather over 10,000 signatures for its petition for Grayscale to list a Shiba Inu ETF. The petition created on the Charge.org website calls on Michael Sonnenshein, CEO of Grayscale consider accepting a SHIB ETF.
The petition lists some of the rationales for such an ETF, the first being market trends. According to the petition, Shiba Inu has become the second preferred cryptocurrency in the United States, even surpassing Ethereum, which has already received approval from the SEC.
Another rationale cited is improving investment accessibility and exposure. It is because a SHIB ETF should make it easier for a wider audience of investors to participate in the meme coin, as it helps bypass obstacles such as portfolio creation and directional buying.
The third justification listed is Shiba Inu’s compliance with regulatory standards, as well as ensuring safety. The petition argues that since the coin itself is built on the Ethereum Blockchain, which has already passed the Howey test, does not constitute a security under US law. As a result, the meme coin is already compliant with the laws, which could help build user trust.
Last but not least, Shiba Inu’s leadership in the crypto space. The meme coin has seen rapid growth since 2020 to become one of the leading cryptocurrencies in the industry. It is currently the 11th largest cryptocurrency and has one of the strongest communities in the industry.
The petition was the first created three months ago, in February 2024, apparently slowing down for the whole. However, with the enthusiasm generated by the Ethereum Spot ETF approval, it has gained momentum, recording nearly 10,500 signatures at the time of writing. In the last 24 hours alone, the petition has garnered more than 677 signatures, showing growing enthusiasm.
The petition for a Shiba Inu ETF has now reached its next goal of 15,000 signatures. However, we are still awaiting a response from Grayscale or CEO Michael Sonnenshein. Meanwhile, people like XRP or Solana are next in line to get ETF approval of the regulator.
Featured image created with Dall.E, chart from Tradingview.com
