Shiba Inu Could be Next in Line for the Spotlight
The cryptocurrency world is abuzz Could the Sihba Inu Etf be next?
Speculations on which coin will follow the pedestals of Bitcoin and Ethereum into the grand world of ETFs.
After the momentous approval of Bitcoin ETFs in January and the scheduled release of Ethereum ETFs in June, all eyes will see Shiba Inu (SHIB) as the next big contender.
Thus, the SHIB community has rallied, pushing for a Shiba Inu ETF. Here are the details.
The Petition for a Shib ETF Gains Momentum
The Shiba Inu community being one of the largest and most active communities has rallied behind it`s token once more, putting demand for the new Shiba Inu ETF from Grayscale, the largest crypto ETF issuer in the world.
More than 10,596 petitions have been signed, sparking excitement within the SHIB community.
According to the Change.org petition,
“The introduction of a Shiba Inu ETF would symbolize a progressive stance towards cryptocurrency investment, mirroring the market’s dynamism and diversity.”
What's Driving the Buzz?
A few reasons behind the excitement surrounding a SHIB ETF:
- Popularity:
Shiba Inu turns up in the Google Trends analysis as the second most searched cryptocurrency across the United States, following Bitcoin. This is due to its meteoric rise in the previous crypto bull run of 2021. Garnering alot of attention both from the media and the crypto community.
- Access:
An ETF for SHIB would make it easily accessible to investors without the need to directly purchase the cryptocurrency or manage digital wallets.
Investors will be able to access the currency with out having to be directly involved in Crypto.
- Regulation:
A regulated path for SHIB, in the form of an ETF, would create a safe and approachable investment vehicle to leverage Shiba Inu’s potential. And solidify its potential in the crypto and financial space.
They also pointed out, independently from that, that as part of the ERC-20 token within the Ethereum blockchain, it satisfied the criteria of the Howey Test for being a non-security according to U.S. law.
Therefore, pointing out very high market demand, investee confidence, and mainstreaming for SHIB.
Shiba Inu Isn't Alone in The Push for More Crypto ETF`s
Shiba Inu is apparently not the only altcoin under the discussion as far as an ETF is concerned. But, according to CNBC “Fast Money” trader Brian Kelly and Matrixport co-founder Daniel Yan.
It is also believed that a Solana (SOL) ETF is likely to creep up soon.
Ripple CEO Brad Garlinghouse recently made a similar comment, mentioning he anticipates the inevitable progression for both the ETF with Ripple (XRP), Solana (SOL), and Cardano (ADA).
Furthermore, signalling promise in the cryptocurrency regulatory landscape.
Marketwise Of Shiba Inu
The rumours of an inevitable SHIB ETF have spectacular effects on the burn rate of the same.
This burn rate signals the number of times Shiba Inu designates tokens to be put n out of circulation for good.
Shibburn noted that the spike in the burn rate was one unbelievable, having come by 2,834.92% in the last 24 hours since that burn—showing frantic interest and activity, indeed.
Slightly changing the price action for SHIB after this upheaval, it has lost 1.17% in the last 24 hours, with red candlesticks dominating all over that very time frame on daily charts.
In confirmation, the Relative Strength Index has stayed below the neutral level. At the moment, the token appears to be consolidating in tight bounds, with little in the way of a directional bias.
Conclusion: The Road Ahead for SHIB
An ETF would be a huge milestone for the SHIB community and its quest for such a product. Should a Shiba Inu exchange-traded fund become a reality, it would change the way people think about this popular meme in addition it would create an accessible and regulated investment pathway.
