SHIB ETF Teased by Shiba Inu’s Shytoshi Kusama After Ethereum ETF Approval

• Shytoshi Kusama hints at the possibility of a Shiba Inu ETF.

• The SEC approves spot Ethereum ETF filings submitted by several major Wall Street firms. 

Shytoshi Kusama, the lead developer of Shiba Inu, recently congratulated the Ethereum community on the approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC). This milestone has sparked discussions about the potential for a similar approval for a Shiba Inu (SHIB) spot exchange-traded fund.

In a tweet on X, Shytoshi Kusama lauded the SEC’s decision to greenlight the Ethereum spot ETF. More intriguingly, Kusama raised the possibility of a Shiba Inu ETF by questioning, “Does this pave the way for #SHIB?” However, he refrained from providing definitive statements, leaving the decision to the community.

Congrats to our frens at @ethereum on the ETF APPROVAL! Does this pave the way for #SHIB? I'll let you decide… I'll stay focused on what we have coming. #STAYTUNED

— Shytoshi Kusama (@ShytoshiKusama) May 23, 2024

Kusama suggested that the SHIB community may have a major issue to address concerning the ETF. He concluded his message with the hashtag #staytuned, which gave his comments a hint of mystery.

SEC Approves Ethereum ETFs

As reported by Crypto News Flash, the SEC approved spot Ethereum ETF filings submitted by several major Wall Street firms. This decision comes six months after the approval of spot Bitcoin ETFs in January. This approval makes Ethereum, the second-largest cryptocurrency by market capitalization, achieve a major milestone for the cryptocurrency sector. Venture investor Anthony Pompliano pointed out that this might be the last hurdle before Wall Street starts investing in crypto assets.

On Thursday, U.S. SEC Chair Gary Gensler refrained from offering a preview of his agency's decision on #ether (#ETH) exchange traded funds (ETFs). Instead, he advised observers to "stay tuned." Gensler remarked, "[The] DC Circuit took a different view, and we took that into… pic.twitter.com/dyW3aFb196

— Collin Brown (@CollinBrownXRP) May 23, 2024

This list of approved Ethereum ETFs includes BlackRock, Grayscale (which recently changed its Ethereum Trust to a spot ETF), VanEck, Bitwise, Fidelity, and Ark Invest. These ETFs are anticipated to have fewer assets under their management than their Bitcoin counterparts. For example, Grayscale’s Ethereum Trust has $11bn in ETH, which is substantially less than its Bitcoin Trust prior to its transformation into a spot product.

Early this month, Ark, Grayscale, and Fidelity had to revise their ETF filings to exclude staking services. This move followed the SEC’s recent actions against two US-based exchanges, Coinbase and Kraken, for their crypto-staking services, labeling staked assets as unregistered securities. The exclusion of staking from these ETFs reflects a broader regulatory environment where the SEC is increasingly scrutinizing aspects of the crypto market.

Shiba Inu Price Analysis

As of now, Shiba Inu (SHIB) is trading at $0.00002387, reflecting a 6% decrease over the past 24 hours. Despite this, SHIB has gained 2.90% in the last week, although it has seen a 6.64% decline over the past month. The cryptocurrency’s strongest support level is at $0.00002321, with significant resistance at $0.00002782.

Technical analysis indicates that SHIB’s current price is above its 200-day simple moving average (SMA) of $0.00001625 and its 50-day SMA of $0.00002476, suggesting potential for further price increases. The growth of the cryptocurrency market will be one of the factors that will define the appearance of new ETFs. One of the key factors that need to be achieved in order to obtain institutional support and attract investors is regulatory certainty and market development. Should these conditions be fulfilled, creating a SHIB ETF could open new possibilities for investors and help popularize the Shiba Inu project.