Spot ETFs, which were approved by the Securities and Exchange Commission (SEC) on January 11, 2024, caused a strong excitement in the cryptocurrency market, like a powerful rally. These ETFs are considered a catalyst that helps the cryptocurrency market to get out of the stagnation in which it has remained over the past year. Investors are actively acquiring these ETFs, and developers and supporters of cryptocurrency projects dream of having an investment fund based on their coin.
The Shiba Inu community has already expressed its wishes regarding the launch of spot ETFs on SHIB by submitting a petition to Grayscale CEO Michael Sonnenshain. This document was published on the website Change.org February 25th.
The petition invites the asset manager to launch spot ETFs on SHIB, and it provides the following arguments:
According to the Howie test, SHIB is not a security.
SHIB is one of the most popular tokens on the market, which will attract significant capital immediately after the launch of the ETF.
To date, 1,820 people have signed the petition, with most of the signatures collected on February 27. The next goal of the initiative is to reach the 2,500 signature mark.
Shiba Inu's trading activity has not shown significant changes during the year. Basically, the price of SHIB ranges from $0.000012 to $0.000006.
Some suggest that an exchange-traded fund will help the cryptocurrency break out of stagnation. However, many consider it as an ordinary shitcoin, which casts doubt on the potential interest from investors.
According to CoinGecko, over the past day, the price of SHIB has strengthened by 9.9% and currently stands at $0.000010.
Recently, Shiba developers have been increasingly discussing big plans for the development of the ecosystem. The project team strives to take it out of the memcoin category and focus on practical benefits.
