Following the approval of Spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC), the Shiba Inu community has been advocating for a SHIB ETF. Their latest effort involves a petition to Grayscale, a leading Crypto ETF issuer, to launch a Shiba Inu ETF.

Shiba Inu ETF Petition Surpasses 10,000 Signatures

The Shiba Inu community has successfully gathered over 10,000 signatures for their petition urging Grayscale to list a Shiba Inu ETF. The petition, created on the Charge.org website, calls on Grayscale CEO Michael Sonnenshein to consider introducing a SHIB ETF.

The petition outlines several reasons for this ETF. Firstly, it cites market trends, noting that Shiba Inu has become the second most popular cryptocurrency in the U.S., even surpassing Ethereum, which has SEC approval.

Another reason is increased accessibility and investment exposure. A SHIB ETF would make it easier for a broader audience to invest in the meme coin by eliminating barriers like wallet creation and direct purchases.

The petition also highlights Shiba Inu's adherence to regulatory standards and security, arguing that since it is built on the Ethereum blockchain, which has passed the Howey Test, it is not a security under U.S. law. This compliance could enhance user confidence.

Additionally, the petition points to Shiba Inu's leadership in the crypto space. Since its rapid growth in 2020, it has become the 11th-largest cryptocurrency and has a strong community backing it.

The petition, initiated in February 2024, had slowed down but gained momentum following the excitement over the Spot Ethereum ETF approval, reaching nearly 10,500 signatures. In the past 24 hours alone, it gained over 677 signatures, reflecting growing enthusiasm.

The petition's next goal is 15,000 signatures, though it has yet to receive a response from Grayscale or CEO Michael Sonnenshein. Meanwhile, there is speculation that XRP or Solana might be the next to receive ETF approval from regulators.