Shiba Inu (SHIB) ETF Proposal Has Not Sprung Up Despite Growing Filings for Altcoin ETFS

Amid growing filings for altcoin ETFS, a Shiba Inu ETF proposal has not sprung up, with the ecosystem team recently calling for an application.

Shiba Inu market lead Lucie is calling for an exchange-traded fund (ETF) to be set up on the meme coin, poking issuers and sponsors to set the approval process for a publicly traded fund tracking the meme coin’s price in motion.

While several altcoins have drawn the attention of asset managers following the approval of the Bitcoin and Ethereum spot ETFs, no Shiba Inu product has yet been filed. Issuers have applied for Solana, XRP, and Cardano funds, and prominent meme coins like Dogecoin, Bonk, and Official Trump have also seen applications from asset managers.

However, there are no products tracking the performance of Shiba Inu, the second-largest meme coin by market cap, despite the broader community’s clamor for the traditional investment vehicle.

Joining the community's tumult for the ETF, Lucie poked at the ongoing trend, wondering aloud "Wen SHIB ETF?"

"I feel like it would be nice to have a Shiba Inu ETF to round out the offerings. What do you say, issuers and sponsors? Get on it!," she added in an X post.

Note that ETFs provide institutional investors with easier access to an underlying asset, opening more windows for massive capital inflows. This influx, among other factors, spurred Bitcoin’s surge from around $38,000 to six figures last year.

Hence, the Shiba Inu ecosystem team’s clamor for a SHIB ETF is understandable, as the fund would succor the ecosystem’s push for mainstream adoption.

Earlier this year, Osprey Funds and REX Shares filed for Dogecoin, Bonk, and Official Trump ETFs. The filings came after the U.S. SEC approved the first Bitcoin and Ethereum futures ETFs last year.

The chances of an Ethereum spot ETF looked slim a year ago amid the Gary Gensler-led SEC’s reluctance to sanction the product. However, a barricade of altcoin ETFs now lies on the regulator’s table, with meme-originated tokens in the mix.

Also, the U.S. SEC’s recent clarification that meme coins are not securities further brightens the chances the regulator will sanction ETFs related to the joke-cultured sector. The securities regulator recently acknowledged the filing for a Grayscale DOGE ETF, fueling optimism that the approval process is moving smoothly.