The Shiba Inu (SHIB) community is buzzing with excitement after a significant development that could lead to the creation of the Shiba Inu Exchange-Traded Fund (ETF). The trading firm Coinbase, which mainly deals with future contracts, has applied for contracts related to Shiba Inu and four other altcoins. It represents a significant development in the changing dynamic of the financial instruments linked with cryptocurrencies.
Last Friday, Coinbase Derivatives filed the paperwork for these futures contracts with the Commodity Futures Trading Commission, or CFTC for short. If this launches, then Shiba Inu will enter the first-ever futures trading in the U. S. as a CFTC-margin futures contract. This is planned to be launched on July 15, provided before the CFTC grant and approval.
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Effects of trading futures contracts for Shiba Inu
A man who describes himself as a social media admin for Shiba Inu with username RagnarShiba noted that Coinbase’s move to report to the CFTC was important. This step is considered preparatory towards possibly creating an ETF on SHIB. An ETF based on such a fund would give investors another means to interact directly with the widely trending meme currency, thus diversifying the investing pool. The ETF would enable bystanders to invest in the price of SHIB without buying and physically holding cryptocurrencies.
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Several Shiba Inu followers are now keenly observing what the CFTC will be doing regarding Coinbase filing. Some commonly used forums that have generated many discussions and speculations include social media forums, and the feel of the community is apparent. Everyone interested in blockchain technology, including investors, is waiting for the evolution of this development.
At the time of writing, Shiba Inu’s price experienced a slight dip, down 1.67% in the last 24 hours to $0.00001708. However, there is hope for the further creation of an ETF for Shiba Inu that would alter its path in one way or another and boost investor activity.
Conclusion
The prospect of a Shiba Inu ETF is exciting for the community, marking a significant milestone and a potential catalyst for broader investment. Furthermore, with the situation evolving, everyone is waiting for the CFTC’s decision on Coinbase’s filing. If approved, the Shiba Inu ETF can provide a more accessible way for investors to invest in Shiba Inu so it can strengthen its place in the cryptocurrency market.
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.