The Shiba Inu ETF Movement
The Shiba Inu (SHIB) community has been actively pushing to launch a Shiba Inu Exchange-Traded Fund (ETF) ever since Ethereum and Bitcoin ETFs received approval in 2024. This movement gained traction after Lucie, the marketing lead of the Shiba Inu team, took to X to emphasize SHIB’s potential as an ETF-worthy asset, highlighting its strong market presence and decentralized nature.
Meanwhile, Dogecoin (DOGE) has already made significant progress in this direction, with asset managers like Bitwise and Grayscale submitting proposals to the U.S. Securities and Exchange Commission (SEC) for a DOGE ETF. The approval odds stand at an impressive 75%, thanks to the SEC’s classification of Dogecoin as a commodity.
Why a SHIB ETF Makes Sense
Lucie emphasized SHIB’s widespread adoption, stating: “SHIB is listed on over 110 exchanges with 212 trading pairs, including all the major platforms. It’s basically everywhere: easy to access, easy to trade.” As the second-largest meme coin after Dogecoin, SHIB holds a market capitalization of $7.7 billion. Its broad accessibility, strong liquidity, and dedicated community support make it a viable candidate for an ETF.
Lucie emphasized SHIB’s resilience, stating that its strong market position and decentralization make it resistant to manipulation, comparable to Bitcoin. She highlighted that SHIB is not a low-cap token but a robust asset capable of recovering quickly from market fluctuations.
Lucie highlighted SHIB’s long-term growth potential, emphasizing its decentralized nature and ability to thrive regardless of market changes or leadership shifts. She also praised the strong foundation of the SHIB ecosystem, crediting Shib.io and its core team for developing key components such as SHIB, BONE, LEASH, and Shibarium, as well as features like systematic burn mechanisms, staking, and ShibaSwap, all of which reinforce governance and decentralization.
SHIB, being an ERC-20 token, has passed the Howey Test, classifying it as a commodity rather than a security. This distinction could potentially ease the regulatory approval process for a SHIB ETF, making it an attractive option for institutional investors. The possibility of a SHIB ETF has fueled speculation about its price trajectory. Analysts suggest that approval could lead to increased institutional investment, potentially driving SHIB’s price to around $0.00002200 to $0.00002300, representing a 125% increase from its current levels.
Shiba Inu’s market performance has shown significant strength, with notable activity in the derivatives market. According to data from Coinglass, SHIB’s trading volume has surged by 31.92%, reaching $78.27 million, while its open interest has climbed 7.79% to a total of $126.93 million.
Additionally, SHIB’s burn rate has skyrocketed by over 8,000% in a single day, reducing the total supply to $589 trillion, a development investors see as a bullish factor that could drive upward price momentum. Amid these positive trends, SHIB’s price has recorded a 1.62% increase, currently trading at $0.00001316, reflecting growing market confidence as discussions around a potential SHIB ETF continue to gain traction.