Bittime – The Shiba Inu (SHIB) community has recently petitioned Grayscale, a leading crypto ETF issuer, to launch a Shiba Inu ETF.With the approval of a spot Bitcoin ETF in January and an upcoming Ethereum ETF in June, speculation is growing about which crypto assets will be next to receive an ETF.
ETF SHIB Petition
The SHIB community has collected 10,596 signatures on a Change.org petition urging Grayscale to consider a Shiba Inu ETF. The petition states, “The introduction of a Shiba Inu ETF would symbolize a progressive attitude towards crypto investments, reflecting the dynamism and diversity of the market.” This support has brought great joy to the SHIB community.
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What Causes This Joy?
Several factors are driving the excitement around a potential SHIB ETF. Google Trends data shows that Shiba Inu is the second most popular cryptocurrency in the US, after Bitcoin. This popularity highlights the strong market demand and investor interest in SHIB.
Also read The Future of Money After ETFs and CBDC
The SHIB ETF will simplify investing by eliminating the need for direct crypto purchases and digital wallet management. This will provide a regulated and accessible means for investors to exploit the potential of Shiba Inu.
SHIBARMY also noted that as an ERC-20 token on the Ethereum blockchain, Shiba Inu meets the Howey Test criteria, confirming its status as a non-security under US law.
SHIB Is Not Alone! Other Coin Communities Are Also Proposing ETFs
Shiba Inu is not the only altcoin sparking ETF discussions. Brian Kelly, CNBC's 'Fast Money' trader, and Daniel Yan, co-founder of Matrixport, have suggested the possibility of a Solana (SOL) ETF.
Also read: Will there be a Solana ETF? Here's What the Crypto Academy Says!
Additionally, Ripple CEO Brad Garlinghouse said in a recent interview at Consensus 2024, “I think it’s just a matter of time, and it’s inevitable that there will be a Ripple [XRP] ETF, there will be a Solana ETF, there will be a Cardano [ADA] ETF, and that’s great.”
Shiba Inu Current Trends
Speculation surrounding a potential SHIB ETF has had a significant impact on the burn rate. According to Shibburn data, the burn rate jumped by 2834.92% in the last 24 hours, indicating increased interest and activity around Shiba Inu.
Also read: Shiba Inu (SHIB) Whale Activity Skyrockets 170%!
Despite this spike, SHIB price remains relatively unaffected, with a red candlestick dominating the daily chart and a decline of 1.17% over the last 24 hours. The Relative Strength Index (RSI) also confirmed this performance, remaining below neutral levels.
Also read Shiba Inu Price Falling, What Happened?
Currently, Shiba Inu is in a consolidation phase, showing no clear signs of a significant uptrend or downtrend, but moving within a relatively narrow price range.
Conclusion
The petition for a Shiba Inu ETF reflects the growing interest and potential of altcoins in the crypto asset market. While SHIB ETF approval remains uncertain, ongoing discussions and speculation indicate strong community support and increasing mainstream acceptance. As the market develops, the possibility of seeing more altcoin ETFs, including SHIB, SOL, and XRP, becomes more likely, paving the way for wider adoption and investment opportunities.
How to Buy Shiba Inu (SHIB) from Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT . To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy a Shiba Inu (SHIB) at Bittime .
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is for informational purposes only and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly over time and Bittime is not responsible for changes in the fluctuation of crypto asset exchange rates.
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