Amid Growing Filings for Altcoin ETFs

A Shiba Inu ETF proposal has not emerged, despite the ecosystem team’s recent call for an application.

Shiba Inu market lead Lucie recently advocated for a Shiba Inu exchange-traded fund (ETF). In a post on X, she urged issuers and sponsors to initiate the approval process for a publicly traded fund that tracks the price movements of the meme coin.

Wen Shiba Inu ETF?

Several altcoins have caught the attention of asset managers following the approval of Bitcoin and Ethereum spot ETFs. Alongside prominent assets like Solana, XRP, and Cardano, meme coins like Dogecoin, Bonk, and Official Trump have also received applications from asset managers.

However, no issuer has yet filed for a product that tracks the performance of Shiba Inu, the second-largest meme coin by market capitalization. Lucie expressed that this trend is inappropriate, joining the broader community call for this traditional investment vehicle.

> “Wen SHIB ETF?” Lucie inquired.

ETFs offer institutional investors easier access to an underlying asset, which can lead to significant capital inflows. This influx helped Bitcoin surge from around $38,000 to six figures last year, making the Shiba Inu ecosystem team’s request for a SHIB ETF quite reasonable, as it would support the ecosystem’s push for mainstream adoption.

Memecoin ETFs Now a Thing

A year ago, the likelihood of an Ethereum spot ETF seemed bleak, given the SEC’s reluctance to approve such products under Gary Gensler. However, a variety of altcoin ETFs now await regulatory approval, including those for meme-oriented tokens.

In January, asset managers Osprey Funds and REX Shares filed for Dogecoin, Bonk, and Official Trump ETFs, which generated buzz in the crypto community. While many anticipated a DOGE spot product, the other two applications were unexpected.

Furthermore, the recent clarification from the US SEC stating that meme coins are not securities enhances the prospects for the approval of ETFs linked to this whimsical sector. The SEC’s recent acknowledgment of the Grayscale DOGE ETF filing has further fueled optimism regarding the approval process moving forward.