By ZyCrypto - 3 months ago - Reading Time: 2 minutes
Shiba Inu (SHIB) ETF Talks Gain Momentum After Spot Bitcoin ETF Approvals
In a notable development, discussions about the potential introduction of a Shiba Inu Exchange-Traded Fund (ETF) have been heating up. The tenth and latest copy of the SHIB Magazine has fueled this discourse, especially following recent approvals for spot Bitcoin (BTC) ETF products. The crypto community is now abuzz with curiosity and optimism, exploring the role of ETFs as a conduit to traditional finance.
Notably, the pursuit of ETFs is not a new phenomenon in the cryptocurrency space. In 2013, the founders of the Gemini exchange, Cameron and Tyler Winklevoss, faced persistent challenges in launching a spot BTC ETF. Grayscale’s effort to convert its Grayscale Bitcoin Trust into a spot ETF was also rejected by the U.S. SEC despite the agency approving BTC futures ETFs.
However, a significant shift occurred in June when BlackRock, the world’s largest asset manager, filed for a spot BTC ETF. This move triggered a wave of filings from traditional financial institutions, including VanEck, Fidelity Investments, and WisdomTree. Ultimately, the U.S. SEC approved spot BTC ETFs earlier this month, marking a noteworthy stride in integrating cryptocurrencies into mainstream traditional finance.
Meanwhile, while recent attention has been on cryptocurrencies like Ethereum and XRP, SHIB Magazine’s latest edition has ignited discussions about the potential introduction of a Shiba Inu ETF. Notably, the cover page prominently featured the question “Wen SHIB ETF,” sparking curiosity and optimism within the community.
Despite the absence of a dedicated section on this prospective investment product in the latest release, the community has been actively posing the question, “Why not?”. The second largest meme coin by market capitalization, Shiba Inu, has been taking proactive measures to shed its meme coin image. Initiatives such as Shibarium, its layer-2 network and the SHIB Metaverse underscore Shiba Inu’s commitment to reshaping its overall perception.
That said, the ongoing support for the query “Wen SHIB ETF” on diverse social media platforms has indicated a rising enthusiasm for the potential materialization of this product. While some industry commentators express scepticism about its short-term viability, the success of ongoing initiatives could position SHIB as a top contender for institutional investment.
Additionally, unlike certain cryptocurrencies facing classification challenges, SHIB enjoys a favourable standing, having never been alleged to be a security by the SEC. Meanwhile, regardless of the timing, introducing a spot SHIB ETF could further affirm Shiba Inu’s legitimacy within the mainstream financial landscape, boosting its ecosystem and SHIB’s price.
At press time, SHIB was trading at $0.0000094, reflecting a 0.70% gain over the past 24 hours, according to CoinMarketCap.
Original source: ZyCrypto