Community petitions are not new to the Shiba Inu community, and they have been used a number of times to try to get attention for different initiatives. This time around, the SHIB community is petitioning Grayscale Investments, which has launched a number of Crypto exchange-traded funds (ETFs), to look into launching a Shiba Inu ETF.
Petition For Shiba Inu ETF Goes Live
The petition for Grayscale Investments to launch a Shiba Inu ETF has been making its way across social media in the last day. This petition was launched on Change.org, a popular website for those who seek to draw attention to a particular cause.
This particular petition, which was shared by Shiba Inu Marketing Lead Lucie on X (formerly Twitter), was started on February 25, 2024, by the user SHIB ARMY, and the petition is directed at Michael Sonnenshein, who is the current Chief Executive Officer (CEO) of Grayscale Investments.
SHIB ARMY, which claims to represent “a collective of investors, digital currency aficionados, and proponents of the transformative potential of cryptocurrencies,” asks Grayscale Investments to “assess the viability, market demand, and potential impact of introducing a Shiba Inu ETF.”
The collective gives a number of reasons as to why the meme coin could be a good candidate for an ETF. Firstly, they point to ‘Market Demand Indicator’ using Google Trends data to show that Shiba Inu is favored by United States investors only behind Bitcoin, beating out the likes of Ethereum and XRP in popularity.
Another reason given is that the Shiba Inu cryptocurrency adheres to regulatory standards. This is because it is an ERC-20 token currently built on the Ethereum blockchain, which “notably satisfies the Howey Test criteria, affirming its status as a non-security under U.S. law.”
Furthermore, they state that by launching a Shiba Inu ETF, Grayscale would be responding to investors’ demands and be a market leader when it comes to “incorporating new cryptocurrencies into structured investment vehicles.”
Last but not least, they argue that, by launching a SHIB ETF, it would improve accessibility and investment exposure. “An ETF would simplify for a broader audience the process of investing in SHIB, removing the hurdles associated with direct purchases and digital wallet management,” the petition reads.
The petition, which currently has a goal of 1,000 signatures, has already garnered more than 50% of the required signatures. As of the time of writing, the petition is sitting at 623 signatures, 478 of which were signed in the last day.
Other instances where the Shiba Inu community has used petitions to further their cause include the petition for Binance to list the BONE token and the petition for Robinhood to list Shiba Inu in 2021, which received over 250,000 signatures.