Shib Army Petition for Shiba Inu ETF by Grayscale, What Are the Odds?

Shiba Inu community or Shib Army moves ahead with establishing a dedicated exchange-traded fund (ETF) for Shiba Inu, after recently mentioning potential entry into the “ETF world” in a Shib Magazine. Shib Army is advocating for a Shiba Inu ETF by Grayscale Investments.

Shiba Inu (SHIB) ETF by Grayscale Investments Petition

Shiba Inu community filed a petition urging Grayscale Investments CEO Michael Sonnenshein to launch a Shiba Inu dedicated ETF, as per the petition submitted on change.org on February 25. The Shib Army believes there are high odds amid reports of ETFs for other crypto assets such as Ethereum (ETH), Solana (SOL), and XRP.

Shiba Inu team’s marketing lead Lucie took to X on February 26 to further reach out to the broader community, asking people to support and sign the petition. Until now, the petition has received over 500 signatures.

Shib Army requests Grayscale to analyze the viability, market demand, and positive impact of introducing a Shiba Inu ETF. They justify this by claiming that Shiba Inu (SHIB) is positioned second in terms of search popularity in the U.S. as per Google Trends data over the past year. It also cited Shiba Inu’s adherence to regulatory standards and ensuring security as it is an ERC-20 token on the Ethereum blockchain.

Also Read: SHIB Whale Sells Holding After 2021, Signifying This Memecoin Trend

Headwinds for SHIB ETF

Despite the claim of Shiba Inu’s popularity over Ethereum and XRP, crypto market leaders such as Grayscale Investments may not immediately list a trust or launch an ETF. Grayscale Investments regularly assesses top crypto for offering potential products in several benchmarks.

Moreover, experts cleared earlier that the U.S. Securities and Exchange Commission (SEC) considers a crypto availability on regulated marketplaces such as the Chicago Mercantile Exchange (CME) as key for approval. In XRP ETF case, the experts looked at the requirement of a futures market on the Chicago Mercantile Exchange (CME) for ETF approval. Thus, the odds of SHIB ETF are low.

SHIB price jumped 0.5% in the past 24 hours, with price currently trading at $0.000009674. The 24-hour low and high are $0.000009591 and $0.000009721, respectively.

Also Read: Ethereum (ETH) Price Dodges Broader Market Selling Pressure As Whales Accumulate

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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