Shiba Inu has been in a state of downtrend recently as the crypto market suffered multiple crashes. Nevertheless, this has not stopped the development and advancement of the cryptocurrency as new updates continue to come out of the community. The latest of these was shared by marketing lead LUCIE, who updated the SHIB community on a major development that could be quite bullish for the Shiba Inu price.
Shiba Inu Makes Grayscale’s Altcoins List
In the post shared on X, LUCIE revealed that the Shiba Inu token had been added in a new report from Grayscale. The report titled ‘Here Comes The Altcoins’ highlights how there are about to be more altcoin-focused Exchange-Traded Products (ETPs) available to investors. This is thanks to a new guidance that was released by the Securities and Exchange Commission (SEC), allowing for a more streamlined process from application to trading.
Shiba Inu joined 13 other cryptocurrencies on the list, with already trading ETPs and those yet to begin trading but are expected to go live soon. The meme coin features under the Consumer & Culture section in the FTSE Grayscale Crypto Sectors framework, showing its appeal to mostly retail investors, as the coin is mostly driven by internet hype.
The feature in the Grayscale report shows that Shiba Inu remains one of the leading cryptocurrencies in the space, as one of only 14 out of millions of cryptocurrencies that are being seriously considered for a more constructive and mature trading vehicle.
LUCIE also explains that the inclusion of Shiba Inu in this report is a testament to the strong foundation of the cryptocurrency. She opines that the vision of Shiba Inu is still very much alive and that the future of the coin remains real.
SHIB ETF Filing Takes Market By Storm
In what has been labeled a historic move, T. Rowe Price, an American investment manager, announced the filing of a Shiba Inu ETF that could change how the meme coin is seen forever. This filing is the first-ever spot Shiba Inu ETF to be filed in the United States, taking SHIB on a similar path to the Spot Bitcoin and Ethereum ETFs already trading in the market.
The asset manager, which has over $1.7 trillion under management, listed Shiba Inu among 13 other cryptocurrencies in what would be its first-ever crypto-focused fund, Reuters reported. This comes as the investment first is said to be looking for new niches to diversify into after securing a purchase agreement with Goldman Sachs that could see $1 billion invested into the company’s funds.
Featured image from Dall.E, chart from Tradingview.com
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