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Yesterday marked a big day in the world of crypto with the launch of the very first ‘33 Act Dogecoin ETF! This exciting event is shining a spotlight on meme coins. This has led to buzz about the potential for a Shiba Inu ETF to make its debut soon, especially since it ranks as the second-largest meme coin by market cap.
Could a Shiba Inu ETF Be Next on the Horizon?
The Grayscale Dogecoin ETF launched yesterday, proudly claiming the title of the first ‘33 Act DOGE fund. Bloomberg analyst Eric Balchunas revealed that Bitwise is also poised to launch its DOGE ETF on November 27, just two days after Grayscale. As for 21Shares, the timeline for their DOGE ETF is still unknown since they need to file an updated S-1 to remove the current delay.
Market expert Nate Geraci called the Dogecoin ETF launch a pivotal moment in crypto regulation over the past year—especially since it’s a meme coin stepping into the ETF world. And guess what? Shiba Inu could be next in line for its own ETF!
T Rowe Price, managing around $1.7 trillion in assets, has filed for an active crypto ETF that will feature spot SHIB. This marks the first Shiba Inu ETF application in the U.S. However, unlike the Dogecoin ETFs, this SHIB ETF will be an index fund containing various crypto assets, so it won’t be all about SHIB.
While we wait for news on the T Rowe Price Shiba Inu ETF, there’s hope it could launch in 75 days, depending on the SEC’s new generic listing standards for crypto ETFs. It’s exciting to note that both SHIB and other assets, including Dogecoin, already have regulated futures markets on Coinbase, giving them a solid chance under these new standards.
T Rowe Price submitted their Shiba Inu ETF filing in October, indicating a possible launch in January. Also, Grayscale recently included Shiba Inu among altcoins eligible for a spot ETF, hinting they might file for an SHIB ETF sometime soon. Grayscale is the leading crypto ETF manager, overseeing around 44 crypto funds.
SHIB Gains Momentum in Bid for Institutional Recognition
Coinbase has some exciting news! They announced plans to offer U.S. perpetual-style futures for SHIB, alongside other popular altcoins like Dogecoin. This new offering will be accessible to both retail and institutional investors, providing a significant boost for SHIB as it seeks institutional adoption. These perpetual futures are set to launch on December 12.
This move serves as a great endorsement for SHIB as anticipation builds for a fully-fledged spot Shiba Inu ETF. The futures will be CFTC-regulated, potentially encouraging asset managers to pursue an ETF, given that SHIB satisfies the SEC’s criteria for approval under the new guidelines.
As a final note, Shiba Inu is currently trading around $0.000008272, which is an increase of over 2% in the last 24 hours, based on data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com
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