Shiba Inu Lead Ponders: Could This Be the Breakthrough Moment For SHIB?

The Securities and Exchange Commission (SEC) recently approved multiple spot-based Ethereum exchange-traded funds (ETFs), sparking discussions among crypto enthusiasts about which crypto asset could be next in line for a similar product.

Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, joined the conversation, by wondering if the SEC’s approval of Ethereum ETFs could lead to a Shiba Inu (SHIB) ETF in the future. This raises the question of whether Shiba Inu could also secure approval from the regulatory agency if an issuer files for it.

Read Also: Shiba Inu (SHIB) Sees a Staggering 5.7 Trillion Surge in 24 Hours: What’s the Buzz?

Despite Kusama not providing a definitive answer, he encouraged his followers to share their opinions on the matter. It’s worth noting that no asset manager has shown interest in filing for a SHIB ETF, even though the SEC has not classified Shiba Inu as a security in its cases against crypto firms. In February, the Shiba Inu community launched a petition to persuade Grayscale to file for a SHIB ETF, but it has not gained the asset manager’s attention despite receiving thousands of signatures.

Kusama stated his commitment to upcoming Shiba Inu projects and congratulated the Ethereum community on the approval of the spot-based ETF products.

Shiba Inu Spotlights Importance of Approving Ethereum ETFs

In addition, the official Shiba Inu ecosystem X handle also congratulated the Ethereum community, emphasizing the significance of the approval for the broader crypto industry. The handle highlighted the importance of the approval for Shiba Inu community members, suggesting that it could facilitate greater financial inclusion for them and provide easier access to crypto through Ethereum ETFs.

The Shiba Inu handle also emphasized the impact of both the SHIB and Ethereum communities, recognizing them as active players driving change.

Read Also: XRP Ledger Hits New Milestone, CTF Token Eyes Massive Growth

Shiba Inu Ready for Blockchain Conference

On another note, the Shiba Inu ecosystem team is gearing up for the 2024 Blockchain Futuristic Conference in Toronto, where they are a title sponsor. Shiba Inu will showcase its ecosystem projects, including Shibacals and Shibverse, at a dedicated booth at the conference. Additionally, Shiba Inu’s liquid staking derivative partner, K9 Finance DAO, aims to attract more developers to Shibarium with an upcoming hackathon at the Blockchain Futuristic Conference.

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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael's expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.