Shiba Inu ETF Proposal Gets 5,200 Signs: Rally to Follow Soon?

• The petition for a Shiba Inu ETF has been signed by 5,200 people. 
• The petition is addressed to the CEO of Grayscale, Michael Sonnenshein.
• SHIB has witnessed a significant rally in the past week and is up 41%.

The Shiba Inu (SHIB) community is eagerly anticipating the possibility of a spot exchange-traded fund (ETF) from Grayscale, a top digital asset management firm, which could potentially drive SHIB to $0.0001.

The petition , submitted in late February, has officially amassed 5,200 signatures out of a total of 7,500 and is addressed to Michael Sonnenshein, the chief executive of Grayscale Investments. Notably, the SHIB token witnessed significant gains in March, and analysts have called for a new all-time high. 

“The introduction of a Shiba Inu ETF would symbolize a progressive stance towards cryptocurrency investment, mirroring the market’s dynamism and diversity,” reads the proposal. 

As per the data from CoinMarketCap, the value of SHIB has dropped by 8.35% in the past 24 hours, with a 16.73% drop in trading volume. However, the memecoin has risen 41.4% in the past seven days, recovering from its bearish streak. 

Interestingly, as per TradingView , the RSI of the memecoin is currently in the overbought region, which means that the buying pressure is extremely high for SHIB. Further, there has been a significant increase in volume in the past few weeks, which further suggests that investors are flocking in to buy more.

Source: Trading View

Overall, the digital asset is 63.58% lower than its all-time high of $0.00008845, which the meme coin needs to break before entering the $0.0001 price region. On the other hand, Jake Gagain, a prominent cryptocurrency figure, believes that the asset is only just starting. He has predicted that SHIB will reach a staggering multi-billion dollar valuation .