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With the approval of Spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC), the Shiba Inu community have 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 Crosses 10,000 Signatures
In an interesting turn of events, the Shiba Inu community has been able to gather more than 10,000 signatures for its petition to have Grayscale list a Shiba Inu ETF. The petition which was created on the Charge.org website appeals to Grayscale CEO Michael Sonnenshein to look into taking on a SHIB ETF.
The petition lists some of the justifications for such an ETF, with the first being Market Trends. According to the petition, Shiba Inu has emerged as the second-favorite cryptocurrency in the United States, even surpassing Ethereum, which has already received approval from the SEC.
Another justification listed is enhanced accessibility and investment exposure. This is because a SHIB ETF is expected to make it easier for a broader audience of investors to actually participate in the meme coin since it helps bypass hurdles such as wallet creation and direction purchases.
The third justification listed is the Shiba Inu adherence to regulatory standards, as well as ensuring security. The petition argues that since the meme coin is build on the Ethereum blockchain, which has already passed the Howey Test, it is not a security under US law. As a result, the meme coin is already compliant to laws, which could help to boost user confidence.
Last but not least is the Shiba Inu leadership in the crypto space. The meme coin has grown rapidly since 2020 to become one of the leading cryptocurrencies in the space. It is currently the 11th-largest cryptocurrency and boasts one of the strongest communities in the space.
The petition was first created three months ago, in February 2024, seemingly slowing down for a whole. However, with the excitement around the Spot Ethereum ETF approval, it has picked up steam, recording almost 10,500 signatures at the time of writing. In the last 24 hours alone, the petition has seen more than 677 signatures, indicating a rise in excitement.
The petition for a Shiba Inu ETF has now moved on toward its next target of 15,000 signatures. However, it is yet to get a response from Grayscale or CEO Michael Sonnenshein. Meanwhile, expectations are that the likes of XRP or Solana are next in line to get an ETF approval from the regulator.
Featured image created with Dall.E, chart from Tradingview.com
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