Shiba Inu ETF: Everything you need to know

Shiba Inu ETF (Exchange Traded Fund) is the highlight of the day as the community has requested Grayscale Investments an ETF for the Shiba Inu meme coin. A petition is being shared among the community through X for the greyscale CEO Michael Sonnenshein to consider the potential this coin has in the market. Well, when that’s in progress, let’s discuss everything you need to know about the Shiba Inu ETF.

Calling all #SHIBARMY and crypto supporters! Let's make history together by signing the petition for a Shiba Inu (SHIB) ETF https://t.co/IBRHcam9ug

This is our chance to bring $SHIB to the forefront of mainstream investment.

Sign, share, and let's soar together! …

— $SHIB BPP (@ShibBPP) February 25, 2024

Do we Need To Create a Shiba Inu ETF?

The topic of discussion of Shiba Inu ETF came after a Shiba Magazine talked about the “Wen SHIB ETF?” This one statement has led to the interest in the community and led to the petition signing. There are three primary reasons for this ETF to happen per the proponents of Shiba Inu ETF.

1. Shiba Inu Is The Second Most Popular Crypto In USA
   Shiba Inu is the second most popular meme coin after Dogecoin, with a market cap of $5,736,074,175 and trading at a value of $0.000009734. According to Google Trends, it is also the second most searched crypto in the USA. Because of this, the petition sponsors believe that the ecosystem is ready for Shiba’s ETF.
2. Accessibility For Users
   According to the sponsors, the second reason is the accessibility it will present to the users. It will be a good opportunity for the investors and will embrace the token.Being a meme coin, it’s already a decent opportunity for investors to buy Shiba Inu. Its price is much lower than the altcoins, which allows people to get more at a much lower price. At the cost of a well-known altcoin or Bitcoin, you can buy millions of Shiba Inu.

   Adding Shiba’s ETF will be the next milestone for the token to cover.

3. No Regulatory Issues Associated With Shiba Inu
   Shiba Inu is an ERC-20 token and has already passed the Howey Test as a non-security. Being a commodity instead of security played the most significant role in the approval of Bitcoin ETF, and the same is anticipated for the Shiba Inu case. The community believes that Greyscale won’t find any regulatory issues while launching the SHIBA ETF.

Community Reaction To Shiba Inu ETF

For a petition to be approved, the community ought to collect 1000 signs. Out of which, ETF for SHIBA has already received approval from 600 people. It won’t take much more time for that to happen.

The community has shown great support for this meme coin from the start and will play a role in approval as well.

The main thing to focus on is Greyscale’s support for the Shiba Inu community. For now, the company has no Shiba Inu trust to convert it into ETF with the SEC (Securities and Exchange Commission).

For now, we only have the Bitcoin ETF, which created the path of success of other ETFs the way it did for cryptocurrency when it was launched in 2009. As per the definition, ETF mirrors the way a real cryptocurrency behaves and mimics the price and pattern to help a person hold digital assets without the pressure and responsibility a crypto is associated with. And such an option can help make digital asset trading much more effortless.

Having a Shiba Inu ETF can be an extra point for the SHIBA Inu community. It will lead to more growth and opportunities for the coin.

Conclusion

The Shiba Inu ETF petition is roaming in the crypto community and might collect all the required signatures in time. What’s concerning is Greyscale’s trust in Shiba Inu to convert into ETF. The chances of the ETF for Shiba are comparatively lower as the Ethereum ETF is on hold for some time. Read more about the release date for Ethereum ETF.

The post Shiba Inu ETF: Everything you need to know appeared first on CoinGape.