Shiba Inu ETF Builds Momentum With Over 6K Votes, Launch Imminent?

In a significant gust of advancements witnessed recently, the Shiba Inu community continued to showcase efforts in order to boost Shiba Inu’s tokenomics. Amidst this flurry of developmental efforts, a petition for a potential SHIB ETF appears to be gradually gaining traction among crypto market enthusiasts across the globe.

Eyeing a substantial jacking up by Grayscale Investments, the Shiba crypto community aims to launch a SHIB ETF, mirroring optimism witnessed by the recent launch of BTC ETFs. The exchange-traded fund for Shiba Inu comes as an effort by the community to aid the meme coin in entering the “ETF world,” as also mentioned in The Shib magazine. With over 6,000 votes favoring the SHIB ETF petition, the token’s community expresses immense optimism for a potential SHIB ETF launch ahead.

Meanwhile, Shiba Inu’s native token SHIB traded with quite the volatility today, birthing speculations over bolstered prices ahead with the community’s recent developmental endeavors and the chances of a SHIB ETF weighing in. However, the SHIB ETF is still in its voting stages, although the petition appears to be promptly gaining global traction.

SHIB ETF Gains Traction

According to a post shared by RagnarShib, one of Shiba Inu’s leading team members, the petition for SHIB ETF surpassed the 6K mark today, March 13, fueling immense optimism for a potential launch. Until now, the petition has received over 6400 signatures, while the next milestone remains 7,500 votes.

https://t.co/EieWQhZhUH Petition for #SHIB ETF Surpasses 6,000 Signatures https://t.co/37VjbI3Xw8 via @withemes

— RagnarShib.eth (@RagnarShiba) March 13, 2024

Keeping in mind Shiba Inu’s immense popularity, the petition filed on Chnage.org is sure to scale its next milestone. This positioned the meme coin among some of the top players within the market awaiting an ETF, alongside Ethereum (ETH), Solana (SOL), and XRP. However, Grayscale is yet to confirm any significant updates orbiting Shiba Inu’s ETF as odds remain low due the meme coin’s decreased availability on regulated marketplaces such as the Chicago Mercantile Exchange (CME), which acted as a key factor for BTC ETF approval.

However, with the recent significant attention garnered by Shiba Inu’s 240% rally over the past month, speculations over a change in sentiment persist.

Also Read: ETH Price Set for $5000 After Ethereum Dencun Upgrade: Derivatives Data

Shiba Inu Slips

As of writing, the Shiba Inu token’s price noted a marginal drop of 0.62% over the past 24 hours and is currently trading at $0.00003233. Although the token traded with quite the volatility today, recording dips and pumps, a monthly surge of nearly 240% sparked immense curiosity among crypto market traders and investors.

If the potential SHIB ETF further comes into play, Shiba Inu’s price is sure to rocket, although current chances remain low. The community, on the other hand, continues to push efforts regarding a SHIB ETF approval, aiming to bolster SHIB’s cryptographic venture further.

Also Read: VanEck Bitcoin ETF Surpasses $200M Investment Amid Fee Waivers