Shiba Inu Community Pushes for Grayscale ETF Amid Crypto Market Volatility

• Shib Army has submitted a petition on change.org, calling on Grayscale Investments to launch a Shiba Inu ETF. 

• This petition has been shared by the Shiba Inu team’s marketing lead Lucie, asking for more people to sign. 

Following the growing interest surrounding Exchange-Traded Funds (ETFs) within the crypto ecosystem, the Shiba Inu community has filed a petition, requesting Grayscale Investments CEO Michael Sonnenshein to launch one for the meme coin. According to the petition published on Change.org on February 25, the meme coin could provide a better results compared to most of the crypto assets.  

We represent a collective of investors, digital currency aficionados, and proponents of the transformative potential of cryptocurrencies. Our varied experiences and backgrounds converge on a shared ambition: to broaden the availability of cryptocurrency investment options through trustworthy, regulated channels. It is with this common vision in mind that we cordially urge Grayscale to contemplate the establishment of a Shiba Inu (SHIB) Exchange Traded Fund (ETF).

As part of their argument, the Shiba Army pointed to Google Trend data that confirms that the asset has been the second favorite crypto in the United States, only behind Bitcoin. This indicates that Shiba Inu has been more popular than Ethereum and XRP within the region in the past twelve months. To them, the trend is a huge testament to the market readiness for an ETF that focuses on the meme coin. Another point of argument is the enhancement of accessibility and Investment exclusion. 

Shiba Inu ETF Could Eliminate Barriers to Crypto Adoption

According to them, SHIB ETF would remove the challenges associated with direct purchase and digital asset management. Their other argument is that Shiba Inu satisfies the Howey Test criteria as an ERC-20 token on the Ethereum blockchain, making it a non-security. Finally, Grayscale would have the chance to incorporate new cryptos into structured investment vehicles in addition to meeting the needs of investors considering its popularity and market demand. In their conclusion, the Shib Army called on Grayscale to assess all the required factors for a potential launch of the Shiba Inu ETF. 

We are convinced that such an offering would meet investor demand and play a crucial role in the wider acceptance and integration of cryptocurrencies into traditional investment portfolios. In closing, we invite Grayscale to embrace its role as a leader in the digital currency investment realm. The introduction of a Shiba Inu ETF would symbolize a progressive stance towards cryptocurrency investment, mirroring the market’s dynamism and diversity.

So far, this petition has been well accepted by the crypto community after the Shiba Inu team’s marketing lead Lucie propagated the news on X, calling on the enthusiasts to sign. As of press time, the petition had received 664 signatures. 

According to market analysts, this petition may not automatically translate into an ETF launch as Grayscale has strict policies in accessing cryptos that meet their ETF requirements. 

Shiba Inu’s price failed to capitalize on this petition as it fell by 0.7% in the last 24 hours to trade at $0.00001. Currently, the asset has a bearish market sentiment with a score of 24/100. 

This report comes after Ripple’s former director Sean McBride was quoted to have hinted at a possible XRP ETF by BlackRock. However, he later clarified that his position does not confirm that the XRP ETF launch could come in weeks as speculated. According to him, an XRP ETF could be launched in either 2024 or 2025.