Earlier this week, the Shiba Inu (SHIB) ecosystem raised a petition to launch an ETF product for the token, a petition that has now received over 2,000 votes.
The petition was directed to Grayscale Investments CEO Michael Sonnenshein, owing to the role his firm played in the emergence of spot Bitcoin Exchange Traded Funds (ETFs).
The petition, originally promoted by SHIB BPP, a self-proclaimed Community Builder, has now grown to become a major movement among members of the Shiba Inu Army.
Shiba Inu ETF Petition: Overview of Embrace
As of February 26 when the news was first reported, the Shiba Inu ETF petition had only garnered a total of 619 Signatures out of the initial target of 1,000. However, the total signatures have now skyrocketed to 2,431, with the new target now set at 2500 Signatures.
A Shiba Inu ETF will mark a paradigm shift in the evolution and adoption of the project. The proponents of the ETF argued that the token is the second most popular cryptocurrency in the United States, a statistic that showed the readiness of its ecosystem for such a product.
With a Shiba Inu ETF, institutional investors will be able to gain indirect exposure to the token, a trend that might solidify its outlook as an established project.
While the market has only seen the emergence of a spot Bitcoin ETF, the confidence that more related projects are likely to be recorded soon has continued to grow.
Several market experts have stoked this confidence over the past few weeks with one of them being Sean McBride, a former Ripple Labs Director who highlighted the chances of getting an XRP ETF soon.
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