Shiba Inu, the cryptocurrency that gained fame during the meme coin trend of 2021, has witnessed an increase in community support as a petition for a Shiba Inu-themed Exchange-Traded Fund (ETF) garners over 5,200 signatures. The petition, aimed at digital asset management giant Grayscale and its CEO Michael Sonnenshein, coincides with a noteworthy price rally that saw Shiba Inu’s value surge by 41% in the previous week.
Grayscale Petition and Market Speculation
Shiba Inu supporters are optimistic about the potential impact of an ETF on the cryptocurrency’s value, pushing for a spot ETF introduction that could elevate the price to a significant milestone of $0.0001. The petition, initiated at February’s end, requires a total of 7,500 signatures and comes on the heels of the token’s March price increase, sparking discussions among analysts about the potential for a new all-time high.
The community believes that an ETF dedicated to Shiba Inu would showcase a forward-thinking approach to crypto investment and embody the industry’s vibrancy and adaptability. This proposition also reflects a broader interest in institutional investment vehicles for cryptocurrencies.
Shiba Inu’s Recent Market Movement
Despite a 8.35% decrease in value over the past 24 hours and a 16.73% decline in trading volume, Shiba Inu has experienced a 41.4% price increase over the past week. This rebound has contributed to a cautious optimism among investors, despite the coin’s current value being far below its peak.
The meme coin’s technical analysis reveals an overbought Relative Strength Index (RSI), indicating a high demand for the cryptocurrency. With a noticeable rise in trading volume, investors seem to be capitalizing on the current trend. Despite being 63.58% below its highest value, market enthusiasts like Jake Gagain see potential for Shiba Inu to attain a billion-dollar market valuation in the future.