Cryptocurrency enthusiasts witnessed an interesting development today for Shiba Inu, which played a significant role in the 2021 meme coin craze. Accordingly, a petition for a Shiba Inu ETF has collected 5,200 signatures. The request was directed at Grayscale CEO Michael Sonnenshein. The timing of the petition, following last week’s SHIB rally, is particularly noteworthy. SHIB’s price surged by 41%.
Potential Development to Elevate Shiba Inu Price
The cryptocurrency community of Shiba Inu (SHIB) eagerly awaits the possibility of a spot exchange-traded fund (ETF) from a top-tier digital asset management firm like Grayscale, which could potentially raise SHIB’s price to $0.0001.
The petition, submitted at the end of February, has officially collected 5,200 of the total 7,500 signatures and was addressed to Grayscale Investments’ CEO Michael Sonnenshein. Notably, the cryptocurrency SHIB token gained significant value in March, and analysts are assessing the possibility of it reaching an all-time high.
The proposal states, “The launch of a Shiba Inu ETF would symbolize a progressive attitude towards crypto investment, reflecting the market’s dynamism and diversity.”
Current State of SHIB
The value of the meme coin SHIB has dropped by 8.35% in the last 24 hours, and its trading volume has decreased by 16.73%. However, the memecoin has risen by 41.4% over the past seven days, reversing a downward trend. As seen in the chart below, the cryptocurrency SHIB is currently trading at a price of $0.00003303. The four-hour chart shows SHIB trading within a price range.
Interestingly, the meme coin’s RSI indicator is currently in the overbought zone, indicating very high buying pressure for SHIB. Additionally, there has been a significant increase in volume over the past few weeks. This suggests that investors are moving to make more purchases.
Overall, the cryptocurrency is currently 63.58% below its all-time high of $0.00008845, and the meme coin needs to break through this level before entering the $0.0001 price zone. On the other hand, a prominent cryptocurrency figure, Jake Gagain, believes that the asset is still in its early stages and predicts that SHIB will reach a market value in the billions of dollars.
