Petition for Shiba Inu ETF: Shiba Inu Community Calls on Grayscale Investments
The Shiba Inu (SHIB) community is once again utilizing the power of petitions to advocate for their interests. This time, they are petitioning Grayscale Investments, a prominent asset management firm known for launching various cryptocurrency exchange-traded funds (ETFs), to consider launching a Shiba Inu ETF. The petition has gained traction on social media platforms and aims to attract attention from both the Shiba Inu community and the broader crypto community.
Background of the Petition
The petition, which was initiated on February 25, 2024, by a user named SHIB ARMY on Change.org, has been actively shared by Lucie, the Marketing Lead for Shiba Inu, on X (formerly Twitter). The primary recipient of the petition is Michael Sonnenshein, the CEO of Grayscale Investments.
Reasons for Launching a Shiba Inu ETF
The petition presents several compelling reasons why a Shiba Inu ETF would be beneficial:
- Market Demand: Using Google Trends data as a “Market Demand Indicator,” the petition highlights that Shiba Inu ranks second in popularity among United States investors, surpassing popular cryptocurrencies like Ethereum and XRP.
- Regulatory Compliance: As an ERC-20 token built on the Ethereum blockchain, Shiba Inu adheres to regulatory standards and satisfies the criteria of the Howey Test, classifying it as a non-security under U.S. law.
- Leadership in Cryptocurrency Investment Vehicles: By launching a Shiba Inu ETF, Grayscale Investments would demonstrate its commitment to meeting investors’ demands and establish itself as a market leader in incorporating new cryptocurrencies into structured investment vehicles.
- Improved Accessibility: The petition argues that an ETF would simplify the investment process for a wider audience, eliminating the challenges associated with direct purchases and digital wallet management.
Current Status of the Petition
The petition’s goal is to gather 1,000 signatures, and it has already surpassed the halfway mark. At the time of writing, the petition has garnered 623 signatures, with 478 of those signed within the last day. The growing support indicates a significant interest in the Shiba Inu community for the launch of a Shiba Inu ETF.
Past Instances of Community Petitions
The Shiba Inu community has previously employed petitions as a means to advance their causes. Notable examples include:
- A petition urging Binance to list the BONE token.
- A petition calling on Robinhood to list Shiba Inu in 2021, which amassed over 250,000 signatures.
Hot Take: Shiba Inu Community Advocates for Expansion Through ETF
The Shiba Inu community’s recent petition to Grayscale Investments for a Shiba Inu ETF reflects their ambition to expand the reach and accessibility of their beloved meme coin. By actively engaging with prominent players in the cryptocurrency industry, such as Grayscale Investments, they aim to position Shiba Inu as a viable investment option alongside established cryptocurrencies like Bitcoin and Ethereum. If successful, the launch of a Shiba Inu ETF could open doors for new investors and simplify the investment process for those who are less familiar with digital wallets and direct purchases. The growing support for the petition demonstrates the community’s dedication and highlights the potential demand for a Shiba Inu ETF in the market.
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