NOIDA (CoinChapter.com) — A Shiba Inu ETF is preparing for a launch on Wall Street, at least according to people who have petitioned Grayscale Investment to create the memecoin-enabled investment product.
Who Are We? Shibarmy. What Do We Want? SHIB ETF. When Do We Want It? Well…
…whenever Greyscale Investments decides to make investment decisions based on tantrums from memecoin fans, it seems.
On a serious note, Shiba Inu fans have started a petition on Change.Org. The petition addressed to Michael Sonnenshein, CEO of Grayscale Investments, calls upon Grayscale to pursue the creation of a spot market Shiba Inu exchange-traded fund (ETF).
An ETF would effectively offer a regulated and easily accessible way for investors of all types to gain exposure to SHIB.
The petition presents several “compelling” arguments favoring a Shiba Inu ETF. Firstly, it highlights the immense popularity of Shiba Inu, claiming it’s the second most favored cryptocurrency among US investors.
Secondly, the petition asserts that SHIB does not meet the criteria to be considered a security under the Howey Test, potentially simplifying the regulatory hurdles.
Finally, it emphasizes that an ETF would significantly increase accessibility to SHIB, attracting new investors and potentially boosting its value. However, SHIB remains a highly volatile token with very little value.
Furthermore, with SHIB’s massive supply, the token will unlikely reach a $0.01 price level anytime soon. Even at a burn rate of 840,000 SHIB tokens per day, it would take hundreds of years for SHIB supply to reach a level for the demand to boost its prices.
SHIB Price Rallies On Hype
Meanwhile, SHIB’s price rallied on its most dependable bullish cue: hype. The Shiba Inu token spiked nearly 13% week-to-day to reach a daily high near $0.0000105 on Feb. 27. The rally helped the Shiba Inu token erase one zero from its price label, which could attract more buyers to the market.
If the rally continues, SHIB’s price could flip the resistance near $0.000011. Moreover, the Shiba Inu ETF hype could help the SHIB price flip the immediate resistance and target the 200-day EMA (green wave) resistance near $0.0000123.
Conversely, a sell-off here could force the SHIB price to drop to the 100-day EMA (blue wave) support near $0.0000093. Breaching the immediate support might force the Shiba Inu token price to test the support near $0.0000083 before recovering.
The RSI, a momentum indicator that measures asset price movements, remained neutral for SHIB, scoring 63.5.
