- The petition for a Shiba Inu ETF has been signed by 5,200 people.
- The petition is addressed to the CEO of Grayscale, Michael Sonnenshein.
- SHIB has witnessed a significant rally in the past week and is up 41%.
The Shiba Inu (SHIB) community is eagerly anticipating the possibility of a spot exchange-traded fund (ETF) from Grayscale, a top digital asset management firm, which could potentially drive SHIB to $0.0001.
The petition, submitted in late February, has officially amassed 5,200 signatures out of a total of 7,500 and is addressed to Michael Sonnenshein, the chief executive of Grayscale Investments. Notably, the SHIB token witnessed significant gains in March, and analysts have called for a new all-time high.
“The introduction of a Shiba Inu ETF would symbolize a progressive stance towards cryptocurrency investment, mirroring the market’s dynamism and diversity,” reads the proposal.
As per the data from CoinMarketCap, the value of SHIB has dropped by 8.35% in the past 24 hours, with a 16.73% drop in trading volume. However, the memecoin has risen 41.4% in the past seven days, recovering from its bearish streak.
Interestingly, as per TradingView, the RSI of the memecoin is currently in the overbought region, which means that the buying pressure is extremely high for SHIB. Further, there has been a significant increase in volume in the past few weeks, which further suggests that investors are flocking in to buy more.
Overall, the digital asset is 63.58% lower than its all-time high of $0.00008845, which the meme coin needs to break before entering the $0.0001 price region. On the other hand, Jake Gagain, a prominent cryptocurrency figure, believes that the asset is only just starting. He has predicted that SHIB will reach a staggering multi-billion dollar valuation.
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