- Lucie, Shiba Inu’s marketing lead, has sparked a discussion on a SHIB ETF, highlighting its pros and cons.
- SHIB’s price is still struggling to break its yearly high of $0.00003592.
After the approval of the 11-spot Bitcoin (BTC) ETF on January 11, expectations are high for more developments in the market. Also, the discussion around potential exchange-traded funds for various digital assets has intensified.
Also, the U.S. Securities and Exchange Commission’s (SEC) green light for eight Spot Ethereum ETFs on May 23, 2024, has drawn attention to the Shiba Inu (SHIB) ETF, signaling a significant development due to its status as a meme-based coin.
Lucie’s Insights on SHIB ETF
Lucie, the marketing lead for Shiba Inu, highlighted key reasons why an ETF could be highly beneficial in an X post shared on July 11. Lucie stated that a SHIB ETF will increase accessibility for traditional investors and enhance regulatory security, signaling a shift from memecoin to utility.
However, Lucie also outlined concerns that have been raised regarding the implications of ETFs on the decentralized finance (DeFi) ecosystem. Critics argue that ETFs could centralize control over SHIB tokens, potentially reducing community engagement in DeFi activities like staking and governance. Additionally, ETFs might decrease active participation in DeFi protocols and involve management fees and regulatory oversight, which lead to market manipulation.
Despite these drawbacks, the prospect of a SHIB ETF has garnered significant interest, with proponents pointing to benefits such as diversification and increased liquidity.
Meanwhile, SHIB’s market performance today saw a slight decline, trading down 0.68% to $0.0000165 amidst broader market trends. This fluctuation comes amid ongoing BTC selling pressure in the crypto market, highlighting both the opportunities and challenges.
Additionally, asset managers VanEck and 21Shares are bringing a Solana-based ETF to the market, as confirmed by Cboe. They submitted 19b-4 filings to the Securities and Exchange Commission (SEC) on July 8 to list spot Solana ETFs.
Highlighted Crypto News Today
Asia and Africa Show Notable Growth in Crypto Startups in 2024
