Shiba Inu Fans Apply for a SHIB ETF: Will This Be the Next Big Trend?
Journalist
- SHIB community calls for ETF in wake of Bitcoin and Ethereum approvals
- Solana ETF and XRP ETF fuel market speculation
Bitcoins may be approved immediately [BTC] ETF launch expected in January and Ethereum launch [ETH] ETF expected to be released in June. Market speculates which coin will follow.
Shiba Inu was present at the discussion. [SHIB] In the community, the possibility of a SHIB ETF being launched is on everyone’s lips.
The SHIB community has asked Grayscale, an ETF provider with a strong crypto focus, to launch a Shiba Inu ETF.
The petition has received 10,596 signatures, which is a remarkable number. This has caused excitement in the community.
Change.org has started a petition.
Launching an ETF for Shiba Inu would be a progressive approach to cryptocurrency investing that reflects the diversity and dynamism of the market.
What is the reason for the excitement?
SHIBARMY highlighted several key points to justify the launch of a SHIB ETF.
Shiba Inu is the second most popular cryptocurrency after Bitcoin, according to recent Google Trends data.
Second, the proposed ETF will streamline SHIB investments by bypassing the complexity of direct crypto purchases and managing digital wallets.
A SHIB ETF will provide investors with an accessible and regulated way to leverage Shiba Inu’s potential.
They then added:
As an ERC-20 token on the Ethereum blockchain, Shiba Inu notably meets the Howey Test criteria, confirming its non-security status under U.S. law.”
The SHIB market is booming, with strong demand for SHIB products and a growing number of adopters.
SHIB is not the only one!
This is not the only time an altcoin has caused a stir because of its ETF.
CNBC “Fast Money” trader Brian Kelly and Matrixport co-founder Daniel Yan have both hinted that a Solana [SOL] ETF is in the works.
Ripple CEO Brad Garlinghouse echoed this sentiment in a recent interview with Consensus2024.
“It’s only a matter of time before there’s a Ripple [XRP] ETF. There will be a Solana ETF. [ADA] “ETF, that’s a great thing.”
Shiba Inu Market Trends
Speculation surrounding a possible SHIB ETF has had a significant impact on its burn rate.
Shibburn data shows that the burn rate has increased by a staggering 2834.92% in the past 24 hours, highlighting the increased interest and activity surrounding Shiba Inus at the time of writing.
The price chart was largely unaffected by the rise in Shiba burn rate. Red candles dominated the daily charts, indicating a 1.17% decline in the past 24 hours.
The Relative Strength (RSI) index, which remained below the neutral level, confirmed this development.
Shiba Inu is still in a consolidation phase, with no obvious signs of an uptrend or downtrend. Instead, it is moving within a narrow range.
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