Shiba Inu fans petition for a SHIB ETF: Will it be the next big thing?

• SHIB community pushes for ETF amid Bitcoin and Ethereum approvals.
• Solana and XRP ETF possibilities add to market speculation.

With the approval of the spot Bitcoin [BTC] ETF in January and the anticipated launch of the Ethereum [ETH] ETF in June, the market is speculating which coin will be the next.

Amidst the discussions, the Shiba Inu [SHIB] community is buzzing about the possibility of a SHIB ETF.

The petition

The SHIB community has petitioned Grayscale, a prominent crypto ETF issuer, to consider launching a Shiba Inu ETF.

Interestingly, the petition has gained 10,596 signatures so far, sparking excitement within the community.

The petition launched on Change.org noted, 

“The introduction of a Shiba Inu ETF would symbolize a progressive stance towards cryptocurrency investment, mirroring the market’s dynamism and diversity.”

What’s driving this buzz?

Further justifying the launch of a SHIB ETF, the SHIBARMY highlighted several key points. 

Firstly, recent Google Trends data reveals Shiba Inu’s remarkable popularity, positioning it as the second most popular cryptocurrency in the U.S., after Bitcoin.

Secondly, the proposed ETF would streamline SHIB investments, bypassing the complexities of direct crypto purchases and digital wallet management.

Additionally, a SHIB ETF would provide investors with a regulated and accessible avenue for capitalizing on the potential of Shiba Inu. 

They further added, 

“As an ERC-20 token on the Ethereum blockchain, Shiba Inu notably satisfies the Howey Test criteria, affirming its status as a non-security under U.S. law.”

This highlights SHIB’s strong market demand, investor confidence and growing adoption. 

SHIB isn’t alone!

Well, this wasn’t the first instance of an altcoin sparking excitement about its ETF.

Notably, CNBC ‘Fast Money’ trader Brian Kelly and Daniel Yan, co-founder of Matrixport, have suggested that a Solana [SOL] ETF could be in the works.

Ripple CEO Brad Garlinghouse further echoed this sentiment during a recent interview at Consensus 2024 who noted, 

“I think it’s just a matter of time, and it’s inevitable there’s gonna be an Ripple [XRP] ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano [ADA] ETF, and that’s great.” 

Shiba Inu’s market trends

The speculation surrounding a potential SHIB ETF has made a significant impact on its burn rate.

As per Shibburn data, in the past 24 hours, the burn rate surged by an astonishing 2834.92%, highlighting the heightened interest and activity surrounding Shiba Inu at the time of writing.

Despite the surge in Shiba Inu’s burn rate, the price action appeared largely unaffected, with red candlesticks dominating the daily charts and indicating a 1.17% drop over the past 24 hours. 

This performance was further confirmed by the Relative Strength Index (RSI), which remained below the neutral level.

However, things remain uncertain as, Shiba Inu was observed to be in a consolidation phase, showing no clear signs of a significant upward or downward trend, but rather moving within a relatively narrow price range. 

Source: TradingView