- Shib Army is campaigning for a Shiba Inu ETF supported by Grayscale Investments.
- Based on reports of ETFs for other crypto assets like Ethereum (ETH), Solana (SOL), and XRP, Shib Army believes there are high chances for a Shiba Inu ETF.
- The Shiba Inu community is calling on Grayscale to analyze the viability, market demand, and positive impacts of launching a Shiba Inu ETF.
The Shiba Inu community called for action as Grayscale Investments filed to launch a SHIB token ETF.
Community Calls on Grayscale for SHIB ETF
The Shiba Inu community, or Shib Army, is making moves towards establishing a dedicated exchange-traded fund (ETF) for Shiba Inu after recently mentioning a potential entry into the “ETF world” in a Shiba Magazine. Shib Army is campaigning for a Shiba Inu ETF supported by Grayscale Investments.
The Shiba Inu community, on February 25, submitted a petition on change.org urging Grayscale Investments CEO Michael Sonnenshein to launch a dedicated ETF for Shiba Inu. Shib Army believes there are high chances for a Shiba Inu ETF based on reports of ETFs for other crypto assets like Ethereum (ETH), Solana (SOL), and XRP.
Lucie, the marketing lead of the Shiba Inu team, made efforts on February 26 to reach a wider audience on X and asked people to support the campaign and sign the petition. So far, the petition has gathered more than 500 signatures.
Shib Army is calling on Grayscale to analyze the viability, market demand, and positive impacts of launching a Shiba Inu ETF. They argue that Shiba Inu (SHIB) ranked second in search popularity in the United States last year according to Google Trends data. They also noted that Shiba Inu, being an ERC-20 token on the Ethereum blockchain, complies with regulatory standards and ensures security.
Challenges for SHIB ETF
Despite claims about Shiba Inu’s popularity surpassing Ethereum and XRP, cryptocurrency market leaders like Grayscale Investments may not immediately decide to establish trust or launch an ETF. Grayscale Investments regularly evaluates the best cryptocurrencies to offer potential products based on various criteria.
Moreover, experts have previously explained that the approval of a cryptocurrency’s presence in regulated markets, such as CME, is a crucial factor for the U.S. Securities and Exchange Commission (SEC). In the case of the XRP ETF, experts looked at the necessity of having a futures market on the Chicago Mercantile Exchange (CME) for ETF approval. Therefore, the likelihood of an SHIB ETF is low. The SHIB price increased by 0.5% in the last 24 hours and is currently trading at $0.00000954.
