Shiba Inu Community Approaching 10000 Signatures for SHIB ETF Petition

Exciting news for the Shiba Inu community! The Shiba Inu (SHIB) community is on the verge of a major achievement with its ETF petition, as it is now just under 300 signatures away from its target goal of 10,000. Heber Mayen, a prominent figure in the community, shared this update on X.
300 signatures away to reach 10k
#SHIB
ETF. LFG
#SHIBARMY
https://t.co/x0FAz5emR4
— Heber Mayen (@HeberMayen)
June 8, 2024
This announcement comes in response to the efforts of SHIB BPP, which has been actively promoting the petition directed at Grayscale Investments CEO Michael Sonnenshein. Since its inception, SHIB BPP and other community members have been urging supporters to sign the petition, a crucial step in moving closer to the ultimate goal.
A Look at Shiba Inu ETF Support
The petition has garnered 9,717 signatures, just 283 away from the 10,000 mark. Originally aiming for 1,000 signatures by February 26, the petition quickly surpassed this goal thanks to the enthusiastic response from the SHIB community, reaching milestones of 2,500 and eventually 10,000 signatures. In the last week alone, 140 supporters have added their names. Additionally, influential community members like Lucie have boosted the petition’s visibility and contributed funds to ensure it gains more traction on Change.org.
Despite the community’s persistent efforts, Grayscale has yet to respond to the SHIB ETF petition. The collective push is aimed at convincing Grayscale to introduce an ETF specifically for SHIB, opening up greater opportunities for acceptance and investment in Shiba Inu.
Why the Shiba Inu Community Chose Grayscale for a Potential SHIB ETF
The Shiba Inu community targeted Grayscale for its SHIB ETF petition due to the company’s significant position in the crypto ETF market. Grayscale has successfully transformed Bitcoin and Ethereum Funds into ETFs, with SEC approval for their exchange filings indicating the potential for more such products. While Grayscale plans to convert all 17 crypto-related products into spot ETFs, Shiba Inu is not yet included.
The petition argues that SHIB’s popularity and demand, as evidenced by Google Trends data, make a compelling case for an SHIB ETF. Introducing such a product could offer a regulated and accessible investment avenue for SHIB enthusiasts, enhancing the token’s stability and adoption. The community is hopeful that this united effort will prompt Grayscale to acknowledge the proposal. If Grayscale moves forward with the SHIB ETF proposal, it could further integrate Shiba Inu into mainstream financial markets.
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