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The Shiba Inu community is abuzz with excitement following a significant development that could pave the way for a Shiba Inu Exchange-Traded Fund (ETF). Coinbase, a leading cryptocurrency exchange, has made a crucial filing that could potentially boost the prospects of a SHIB ETF, sending waves of optimism across the Shiba Inu community.
Last Friday, Coinbase Derivatives filed new futures contracts tied to Shiba Inu and four other cryptocurrencies, marking a significant advance in the growing landscape of crypto-related financial products. Coinbase expects to debut the new futures contracts on July 15, pending CFTC approval.
If approval is granted, Shiba Inu will join the ranks of CFTC-regulated margined futures contracts, marking its debut on the first-ever U.S. futures market.
Coinbase Boosts #SHIB ETF Prospects with #Shiba Inu Futures Filing With CFTC https://t.co/aRrJH9mbCt pic.twitter.com/3NiAdVUFTP
— RagnarShib.eth (@RagnarShiba) June 30, 2024
RagnarShiba, a social media admin for Shiba Inu, reiterates the impact of Coinbase's latest move with a filing on Shiba Inu futures submitted to the Commodity Futures Trading Commission (CFTC). This step is seen as a foundational move that could lead to the creation of a SHIB ETF, offering investors a new way to engage with the popular meme cryptocurrency.
Anticipation grows in Shiba Inu community
The enthusiasm within the Shiba Inu community is palpable, with discussions and speculation running rampant on social media platforms. Investors and enthusiasts alike are closely monitoring the situation, eager to see how the CFTC will respond to Coinbase's filing.
The prospect of a SHIB ETF is particularly exciting for the community as it would mark a significant milestone in Shiba Inu's journey but also a potential catalyst for increased adoption and investment.
ETFs are known for providing a more accessible route for investors to gain exposure to assets, and a SHIB ETF would be no different. It would allow a broader range of investors to speculate on the price of Shiba Inu without the need to directly purchase and store the digital tokens.
At the time of writing, SHIB was down 1.67% in the last 24 hours to $0.00001708.