Ramping up efforts, Shiba Inu team members have put up a change petition to gather community support for a spot SHIB ETF at Grayscale Investments. Addressing the CEO of Grayscale, Michael Sonnenshein, the petition asserted that an ETF would simplify for a broader audience the process of investing in SHIB, removing the hurdles associated with direct purchases and digital wallet management.
Market Demand Indicators: Google Trends data over the past year [2/25/23–2/25/24] positions Shiba Inu as the United States’ second favorite cryptocurrency, only behind Bitcoin, and ahead of Ethereum and XRP in terms of search popularity. This clear public interest not only demonstrates the wide appeal of Shiba Inu but also signifies the market’s readiness for an ETF centered on SHIB.
The discussion for a spot SHIB ETF among the Shiba Inu community made its way into the tenth edition of SHIB Magazine. However, the fervor gained momentum after recent approvals for Exchange-Traded Fund products linked to spot Bitcoin [BTC], prompting a broader exploration of these as a bridge to traditional finance.
As reported by TronWeekly, the SHIB magazine’s cover begins with the question “Wen SHIB ETF,” an extremely common crypto slang to generate curiosity and optimism within the community. While there wasn’t any exclusive coverage of this prospective investment product, community members were asking, “Why not?” in a bid to stir attention.
Shiba Inu Drive
Represented by a collective of investors, digital currency enthusiasts, and advocates, the petition has, so far, garnered 579 signatures. The meme coin project boasts an active fan following and has more than 500,000 members. In the past, it has conducted numerous campaigns to enhance its visibility. The latest move is reminiscent of the community’s efforts to list various SHIB-centric tokens on crypto exchanges.
Two years ago, Shiba Inu [SHIB] secured a place on Robinhood’s trading list and then, a year later, gained entry into the platform’s Web3 wallet. Similarly, Binance also listed the token in the innovation zone. Robinhood’s listing came after a change petition that garnered as many as 550,000 signatories in favor of the move.