The Shib Army has taken action by submitting a petition on change.org, urging Grayscale Investments to introduce a Shiba Inu ETF. Lucie, the marketing lead for the Shiba Inu team, has shared this petition and called for more signatures.
With the increasing interest in Exchange-Traded Funds (ETFs) within the crypto community, the Shiba Inu community is requesting Grayscale Investments CEO Michael Sonnenshein to launch an ETF for the meme coin. According to the petition published on Change.org on February 25, the meme coin has the potential to outperform most other crypto assets.
We represent a group of investors, cryptocurrency enthusiasts, and advocates for the transformative power of cryptocurrencies. We all share a common goal: to expand the availability of cryptocurrency investment options through reliable and regulated channels. With this shared vision in mind, we respectfully urge Grayscale to consider launching a Shiba Inu (SHIB) Exchange Traded Fund (ETF).
As part of their argument, the Shiba Army has pointed to Google Trend data that shows the asset as the second most popular cryptocurrency in the United States, just behind Bitcoin. This indicates that Shiba Inu has gained more popularity than Ethereum and XRP in the region over the past year. To them, this trend is a strong indication of the market’s readiness for an ETF focused on the meme coin. They also highlight the potential for increased accessibility and investment opportunities.
The SHIB ETF, according to them, would eliminate the obstacles associated with direct purchases and digital asset management. They argue that Shiba Inu meets the criteria of the Howey Test as an ERC-20 token on the Ethereum blockchain, thus making it a non-security. Additionally, Grayscale would have the opportunity to include new cryptocurrencies in their investment vehicles, meeting the demands of investors and capitalizing on the popularity and market demand. In conclusion, the Shib Army calls on Grayscale to carefully consider all the necessary factors for the potential launch of the Shiba Inu ETF.
We firmly believe that such an offering would meet investor demand and play a crucial role in the broader acceptance and integration of cryptocurrencies into traditional investment portfolios. In conclusion, we invite Grayscale to embrace its leadership role in the digital currency investment space. Introducing a Shiba Inu ETF would signify a progressive approach to cryptocurrency investment, reflecting the dynamic and diverse market.
The crypto community has responded positively to this petition, as Lucie, the marketing lead for the Shiba Inu team, has promoted it on various platforms and urged enthusiasts to sign. As of now, the petition has garnered 664 signatures.
However, market analysts suggest that this petition does not guarantee the automatic launch of an ETF, as Grayscale has strict policies for selecting cryptocurrencies that meet their ETF requirements.
Unfortunately, the price of Shiba Inu did not benefit from this petition, as it has fallen by 0.7% in the last 24 hours and is currently trading at $0.00001. The asset currently has a bearish market sentiment with a score of 24/100.
This report follows statements from Ripple’s former director, Sean McBride, who hinted at the possibility of a BlackRock XRP ETF. However, he later clarified that his position does not confirm the speculated launch of an XRP ETF in the coming weeks. According to him, an XRP ETF could potentially be launched in 2024 or 2025.
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