Malaya Ruiz
The Shiba Inu community recently started a Change.org petition pushing for Grayscale Investments to explore the possibility of creating a Shib exchange-traded fund (ETF). With the rise of ETFs for other digital assets, the Shib Army is optimistic that a SHIB ETF could attract more traditional institutional investors. This move could potentially increase Shib’s popularity and bring in significant investments, similar to the success seen with newly launched Bitcoin ETFs.
The petition has 2,900 signatures as of writing, following a resounding feat of surpassing 2,000 signatures in less than 48 hours.
The content of the petition, addressed to Grayscale Investments CEO Michael Sonnenshein, resolves to carry out the vision of the Shib Army to expand crypto investment options with proper regulation. This enterprising move gives emphasis on the increasing recognition of Shiba Inu as a significant player in the crypto landscape, substantiated by factors such as Shiba Inu’s soaring market demand, a welcoming environment for more investors through minimized challenges, and compliance with the Howey Test requirements.
The Shib Army proves to be a proactive community doubling down on its dedication to its breed. “A SHIB ETF would be a big deal for us — it means our community’s hard work and passion are getting recognized in a big way. It’s not just about making SHIB more accessible; it’s about showing the world what we’ve known all along: that we’re a force to be reckoned with. We’re excited for what this means for our future and thrilled at the thought of welcoming even more people into our fold,” Lucie told The Daily Shib.
It comes as no surprise that ETFs are a winsome target within the broader crypto ecosystem. ETFs provide investors with affordable access to various global markets. The majority of ETFs are passive, meaning they strive to replicate the performance of a specific set of investments. Bitcoin prices skyrocketed to 45% this week due to increased trading activity in spot Bitcoin exchange-traded funds, rising from $42,000 to over $60,000 since the start of the year.
An important reason stipulated in the SHIB ETF petition is its prominence as the second favorite crypto asset in the U.S. next to Bitcoin. It underscores the potential of Shiba Inu’s large-scale adoption.
Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
