Bitrabo Editorial
Following the approval of Spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC), the Shiba Inu community has been actively advocating for a SHIB ETF. A recent development in this advocacy is a petition to Grayscale, a leading Crypto ETF issuer, urging them to launch a Shiba Inu ETF.
Shiba Inu ETF Petition Surpasses 10,000 Signatures
In a significant turn of events, the Shiba Inu community has garnered over 10,000 signatures for its petition requesting Grayscale to list a Shiba Inu ETF. This petition, initiated on the Charge.org platform, calls upon Grayscale CEO Michael Sonnenshein to consider introducing a SHIB ETF.
The petition presents several rationales for the proposed ETF, citing Market Trends as the primary justification. It points out that Shiba Inu has gained popularity as the second-favorite cryptocurrency in the United States, even surpassing Ethereum, which has already secured SEC approval.
Another reason highlighted is the potential for increased accessibility and investment exposure. A SHIB ETF is anticipated to simplify participation in the meme coin for a wider range of investors by circumventing obstacles like wallet setup and direct purchases.
The third rationale emphasized is Shiba Inu’s compliance with regulatory standards and commitment to security. The petition argues that being built on the Ethereum blockchain, which has passed the Howey Test, Shiba Inu is not classified as a security under US law. This regulatory alignment could bolster user trust.
Furthermore, Shiba Inu’s prominent position in the crypto sphere is underscored. The meme coin has swiftly ascended since 2020 to become a leading cryptocurrency, presently ranking as the 11th-largest and fostering one of the most robust communities.
Initially launched three months ago in February 2024, the petition seemed to lose momentum. However, following the enthusiasm surrounding the Spot Ethereum ETF endorsement, it has regained traction, amassing nearly 10,500 signatures at present. In the past 24 hours alone, the petition has garnered over 677 signatures, signaling a surge in interest.
The petition’s next objective is to reach 15,000 signatures, with no response yet from Grayscale or CEO Michael Sonnenshein. Speculation suggests that cryptocurrencies like XRP or Solana might be next in line to receive ETF approval from regulators.