- SHIB community pushes for ETF amid Bitcoin and Ethereum approvals.
Solana and XRP ETF possibilities add to market speculation.
As a crypto investor with some experience in the market, I’m keeping a close eye on the latest developments regarding potential ETFs for altcoins like Shiba Inu (SHIB), Solana (SOL), and Ripple (XRP). The recent approval of Bitcoin and Ethereum ETFs has certainly piqued my interest in this matter.
As a market analyst, I’ve noticed an exciting development in the crypto sphere with the recent approval of a Bitcoin ETF in January, followed by anticipation for an Ethereum ETF launch in June. The buzz in the market now revolves around which coin could potentially be the next one to receive such recognition.
Among the ongoing conversations, there’s excitement within the Shiba Inu (SHIB) community regarding the prospect of a SHIB Exchange-Traded Fund (ETF).
The petition
The Shiba Inu cryptocurrency community has requested Grayscale, a well-known ETF provider in the digital currency sector, to think about creating an Exchange-Traded Fund (ETF) dedicated to Shiba Inu coins.
It’s intriguing that the petition has managed to collect 10,596 signatures thus far, igniting enthusiasm among the community.
The petition launched on Change.org noted,
Introducing a Shiba Inu ETF represents a forward-thinking approach to cryptocurrency investing, reflecting the market’s agility and multifaceted nature.
What’s driving this buzz?
Further justifying the launch of a SHIB ETF, the SHIBARMY highlighted several key points.
According to the latest Google Trends analysis, Shiba Inu ranks as the second most searched-for cryptocurrency in the United States, trailing only behind Bitcoin.
Additionally, an ETF based on SHIB would simplify investment processes, eliminating the need for intricate crypto acquisitions and the hassle of managing digital wallets.
An Shiba Inu ETF (Exchange-Traded Fund) offers investors a controlled and convenient method to profit from the prospects of Shiba Inu through a regulated investment vehicle.
They further added,
“Shiba Inu, being an ERC-20 token on the Ethereum blockchain, meets the requirements of the Howey Test and is therefore considered a non-security according to U.S. legislation.”
This highlights SHIB’s strong market demand, investor confidence and growing adoption.
SHIB isn’t alone!
Well, this wasn’t the first instance of an altcoin sparking excitement about its ETF.
Significantly, Brian Kelly of CNBC’s “Fast Money” and Daniel Yan, Matrixport’s co-founder, have hinted at the possibility of an Exchange-Traded Fund (ETF) being developed for Solana [SOL].
During a recent interview at Consensus 2024, Ripple CEO Brad Garlinghouse reiterated this viewpoint.
As an analyst, I strongly believe that the launch of exchange-traded funds (ETFs) based on cryptocurrencies like Ripple (XRP), Solana (SOL), and Cardano (ADA) is only a matter of time. This trend is inevitable, and it’s exciting to see these developments unfold in the crypto space.
Shiba Inu’s market trends
The speculation surrounding a potential SHIB ETF has made a significant impact on its burn rate.
According to Shibburn’s latest figures, there was a remarkable increase of 2834.92% in the burn rate over the past 24 hours, indicating significant engagement and buzz around Shiba Inu as of now.
Although the burn rate of Shiba Inu significantly increased, its price seemed unfazed based on the chart analysis. The daily charts were dominated by red candlesticks, signifying a 1.17% decrease in value during the previous 24-hour period.
The RSI reading added evidence to the observation that this performance was subpar, as it stayed beneath the neutral threshold.
As a crypto investor, I’ve noticed that Shiba Inu has been exhibiting signs of consolidation lately. This means its price is fluctuating but not making any substantial gains or losses. Instead, it’s trading within a limited price range, giving no clear indication of an impending bullish or bearish trend.
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2024-06-12 14:16