SHIB Army On The Move: Petition Pushes For Shiba Inu ETF As Burn Rate Soars

The recent green light for spot Bitcoin (BTC) ETFs in January and the expected launch of Ethereum (ETH) ETF in June have ignited a firestorm of speculation about which cryptocurrency could be next in line for its own exchange-traded fund.

The Shiba Inu (SHIB) community is at the forefront of this speculation, with a petition on garnering over 10,596 signatures in support of a SHIB ETF. This grassroots movement highlights the growing popularity of the meme coin, which according to Google Trends data, is the second-most searched cryptocurrency in the US, trailing only Bitcoin.

Proponents of the SHIB ETF argue that it would offer several advantages to investors. Firstly, it would streamline the investment process, eliminating the complexities associated with directly purchasing and managing cryptocurrencies through digital wallets. Secondly, a regulated ETF would provide a more accessible entry point for traditional investors unfamiliar with the nuances of the crypto market.

This potential accessibility is particularly enticing considering SHIB’s strong market demand, evident in its high search volume and growing adoption. The SHIBARMY, the passionate Shiba Inu community, believes these factors make a compelling case for a SHIB ETF.

However, SHIB isn’t the only altcoin generating ETF buzz. CNBC’s “Fast Money” trader Brian Kelly and Matrixport co-founder Daniel Yan have hinted at the possibility of a Solana (SOL) ETF, while Ripple CEO Brad Garlinghouse echoed similar sentiments regarding a potential XRP ETF during a recent interview.

The speculation surrounding a SHIB ETF has demonstrably impacted the token’s burn rate. According to Shibburn data, the burn rate skyrocketed by a staggering 2834.92% in the last 24 hours, reflecting heightened interest and activity.

Also Read: Shiba Inu Burn Rate Blazes Past 3000%: Can It Ignite A Price Rally?

Despite the surge in burn rate, SHIB’s price action hasn’t mirrored this enthusiasm. The daily charts show a price dip of 1.17% over the past day, marked by red candlesticks. The Relative Strength Index (RSI) staying below the neutral level further confirms this lack of upward momentum.

However, the future remains uncertain. SHIB appears to be consolidating, trading within a narrow price range and exhibiting no clear signs of a significant breakout in either direction. Whether the community’s push for an ETF translates to long-term price appreciation is a question only time can answer.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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