The recent approvals and upcoming launches of spot Bitcoin and Ethereum ETFs have ignited a firestorm of speculation in the cryptocurrency market. Investors are eagerly eyeing which altcoin will be next to secure its own Exchange Traded Fund (ETF).
The Shiba Inu (SHIB) community is at the forefront of this frenzy, actively pushing for a SHIB ETF. A petition launched on Change.org, garnering over 10,596 signatures so far, urges Grayscale Investments, a leading ETF issuer, to consider a Shiba Inu-focused product.
Proponents of the SHIB ETF highlight several compelling arguments. Firstly, Google Trends data positions Shiba Inu as the second most popular cryptocurrency in the US, next only to Bitcoin. This immense popularity suggests a significant market demand for SHIB.
Secondly, a SHIB ETF would offer a more accessible and streamlined investment avenue for the mainstream public. Investors would be able to gain exposure to SHIB without navigating the complexities of directly purchasing cryptocurrency and managing digital wallets. This could potentially attract a new wave of investors to the SHIB ecosystem.
“The introduction of a Shiba Inu ETF would symbolize a progressive stance towards cryptocurrency investment,” the petition argues, emphasizing the potential for wider adoption and market growth.
This SHIB ETF fervor isn’t an isolated case. Industry leaders have also hinted at the possibility of ETFs for other altcoins. CNBC’s Brian Kelly and Matrixport co-founder Daniel Yan have discussed the potential for a Solana (SOL) ETF, while Ripple CEO Brad Garlinghouse has echoed similar sentiments regarding a XRP ETF.
The speculation surrounding a SHIB ETF has demonstrably impacted the token. Shibburn data reveals a staggering 2834.92% increase in the burn rate over the past 24 hours, signifying heightened interest and activity within the SHIB community.
Also Read: Shiba Inu Burn Rate Blazes Past 3000%: Can It Ignite A Price Rally?
However, despite the surge in burn rate, the price action for SHIB paints a different picture. Daily charts show a 1.17% drop with red candlesticks dominating, suggesting a lack of immediate price impact. The Relative Strength Index (RSI) staying below the neutral level reinforces this observation.
Currently, SHIB appears to be consolidating within a narrow price range, exhibiting no clear signs of a significant breakout in either direction. While the ETF push injects excitement, the future trajectory of SHIB’s price remains to be seen.
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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