Shiba Inu Community Nears 10,000 Signatures for SHIB ETF Petition

Shiba Inu Community Nears 10,000 Signatures for SHIB ETF Petition

The post Shiba Inu Community Nears 10,000 Signatures for SHIB ETF Petition appeared first on Coinpedia Fintech News

Good news for the Shiba Inu community! The Shiba Inu (SHIB) community is about to reach a significant milestone with its ETF petition, as it is now less than 300 signatures away from its 10,000-target goal. Heber Mayen, a significant community figure, announced this development on X.

This announcement was in response to SHIB BPP, which has been actively promoting the petition aimed at Grayscale Investments CEO Michael Sonnenshein. Since the petition was established, SHIB BPP and other community members have continuously encouraged supporters to sign it, which is crucial in pushing the petition closer to its ultimate goal.

Overview of Shiba Inu ETF Support

The petition has gathered 9,717 signatures, just 283 short of the 10,000 target. Initially, the petition’s goal was a modest 1,000 signatures by February 26. However, the enthusiastic response from the SHIB community quickly exceeded this target, first reaching 2,500 and then 10,000 signatures. 140 supporters have added their signatures in the past week alone. Additionally, significant community figures like Lucie and other supporters have increased the petition’s visibility and contributed funds to ensure it appeared more frequently on Change.org.

Despite the community’s continuous efforts, Grayscale has not responded to the SHIB ETF petition. This collective effort aims to convince Grayscale to introduce an ETF specifically for SHIB, allowing for greater acceptance and investment in Shiba Inu.

Why Shiba Inu Enthusiasts Chose Grayscale for a Potential SHIB ETF

The Shiba Inu community has directed their SHIB ETF petition towards Grayscale because of its significant role in the crypto ETF market. Grayscale has successfully converted Bitcoin and Ethereum Funds into ETFs, as the SEC approved their exchange filings, signaling the possibility of more such products. Grayscale plans to convert all 17 crypto-related products into spot ETFs, though Shiba Inu is not yet included.

The petition claims that SHIB’s popularity and demand, as shown by Google Trends data, make a strong case for an SHIB ETF. By introducing such a product, Grayscale could provide a regulated and accessible investment medium for SHIB enthusiasts, adding to the token’s stability and adoption. The community is optimistic that this united effort will lead to the proposal’s acknowledgment. If Grayscale acts on the SHIB ETF proposal, it could further integrate Shiba Inu into mainstream financial markets.