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Shiba Inu group or Shib Army strikes forward with establishing a devoted exchange-traded fund (ETF) for Shiba Inu, after not too long ago mentioning potential entry into the “ETF world” in a Shib Magazine. Shib Army is advocating for a Shiba Inu ETF by Grayscale Investments.

Shiba Inu (SHIB) ETF by Grayscale Investments Petition

Shiba Inu group filed a petition urging Grayscale Investments CEO Michael Sonnenshein to launch a Shiba Inu devoted ETF, as per the petition submitted on change.org on February 25. The Shib Army believes there are excessive odds amid reviews of ETFs for different crypto property resembling Ethereum (ETH), Solana (SOL), and XRP.

Shiba Inu group’s advertising and marketing lead Lucie took to X on February 26 to additional attain out to the broader group, asking folks to help and signal the petition. Until now, the petition has acquired over 500 signatures.

Shib Army requests Grayscale to research the viability, market demand, and constructive affect of introducing a Shiba Inu ETF. They justify this by claiming that Shiba Inu (SHIB) is positioned second when it comes to search recognition in the U.S. as per Google Trends information over the previous yr. It additionally cited Shiba Inu’s adherence to regulatory requirements and guaranteeing safety as it’s an ERC-20 token on the Ethereum blockchain.

Also Read: SHIB Whale Sells Holding After 2021, Signifying This Memecoin Trend

Headwinds for SHIB ETF

Despite the declare of Shiba Inu’s recognition over Ethereum and XRP, crypto market leaders resembling Grayscale Investments could not instantly checklist a belief or launch an ETF. Grayscale Investments repeatedly assesses high crypto for providing potential merchandise in a number of benchmarks.

Moreover, consultants cleared earlier that the U.S. Securities and Exchange Commission (SEC) considers a crypto availability on regulated marketplaces resembling the Chicago Mercantile Exchange (CME) as key for approval. In XRP ETF case, the consultants checked out the requirement of a futures market on the Chicago Mercantile Exchange (CME) for ETF approval. Thus, the odds of SHIB ETF are low.

SHIB price jumped 0.5% in the previous 24 hours, with value presently buying and selling at $0.000009674. The 24-hour high and low are $0.000009591 and $0.000009721, respectively.

Also Read: Ethereum (ETH) Price Dodges Broader Market Selling Pressure As Whales Accumulate

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Varinder has 10 years of expertise in the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a expertise fanatic and analytical thinker, he has shared his information of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes in the enormous potential of those modern future applied sciences. He is presently overlaying all the newest updates and developments in the crypto trade.

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