Amid growing filings for altcoin ETFS, a Shiba Inu ETF proposal has not sprung up, with the ecosystem team recently calling for an application.
Shiba Inu market lead Lucie recently talked up a Shiba Inu exchange-traded fund (ETF). In an X post, she called on issuers and sponsors to set the approval process for a publicly traded fund tracking the meme coin’s price in motion.
Wen Shiba Inu ETF?
Notably, several altcoins have drawn the attention of asset managers recently following the approval of the Bitcoin and Ethereum spot ETFs. Aside from prominent assets like Solana, XRP, and Cardano, meme coins like Dogecoin, Bonk, and Official Trump have also seen applications from asset managers.
However, issuers have yet to file a product tracking the performance of Shiba Inu, the second-largest meme coin by market cap. Lucie suggested this trend was inappropriate, joining the broader community’s tumult for the traditional investment vehicle.
“Wen SHIB ETF?” Lucie inquired.
Notably, ETFs provide institutional investors with easier access to an underlying asset, opening more windows for massive capital inflows. This influx, among other factors, spurred Bitcoin’s surge from around $38,000 to six figures last year.
Hence, the Shiba Inu ecosystem team’s clamor for a SHIB ETF is understandable, as the fund would succor the ecosystem’s push for mainstream adoption.
Memecoin ETFs Now a Thing
A year ago, the chances of an Ethereum spot ETF looked slim amid the Gary Gensler-led SEC’s reluctance to sanction the product. However, a barricade of altcoin ETFs now lies on the regulator’s table, with meme-originated tokens in the mix.
Asset managers Osprey Funds and REX Shares filed for Dogecoin, Bonk, and Official Trump ETFs in January, a move that sparked reactions in the crypto space. While many expected a DOGE spot product, the two other applications surprised many.
Also, the US SEC’s recent clarification that meme coins are not securities further brightens the chances the regulator will sanction ETFs related to the joke-cultured sector. The securities regulator recently acknowledged the filing for a Grayscale DOGE ETF, fueling optimism that the approval process is moving smoothly.
