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Over 10,000 Signatures Help Shiba Inu ETF Petition Take Off
Shiba Inu supporters have pushed for a SHIB ETF since the SEC approved Spot Ethereum ETFs. The newest step is a petition to Grayscale, a major Crypto ETF maker, to establish a Shiba Inu ETF.
Over 10,000 Signatories Support Shiba Inu ETF
An unexpected turn of events saw the Shiba Inu group collect over 10,000 signatures for their petition to Grayscale to list an ETF. The Charge.org petition asks Grayscale CEO Michael Sonnenshein to consider a SHIB ETF.
First on the petition is Market Trends, which supports such an ETF. The petition claims that Shiba Inu is the second-most popular cryptocurrency in the US, surpassing Ethereum, which has SEC permission.
Improved accessibility and investment exposure are additional reasons. Since it eliminates wallet setup and directed purchases, a SHIB ETF is likely to make meme coin participation simpler for more investors.
Shiba Inu's regulatory compliance and security are the third argument. The petition claims that the meme currency is not a security under US law since it is built on Ethereum, which passes the Howey Test. Thus, the meme currency is legal, which may improve user confidence.
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Last but not least, Shiba Inu crypto leadership. From 2020, meme coin has risen swiftly to become a top cryptocurrency. It has one of the strongest communities and is the 11th-largest cryptocurrency.
The petition, started in February 2024, seems to be slowing rapidly. However, the Spot Ethereum ETF approval frenzy has boosted it to around 10,500 signatures. Over 677 signatures have been added to the petition in 24 hours, suggesting enthusiasm.
The Shiba Inu ETF petition is presently approaching 15,000 signatures. Grayscale and CEO Michael Sonnenshein have not responded. XRP or Solana are expected to get ETF certification from the regulator next.
