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Shiba Inu’s official X account highlighted on Wednesday the approval of a new exchange-traded fund that could hold SHIB, signaling growing institutional recognition for the memecoin.
The U.S. Securities and Exchange Commission approved the T. Rowe Price Active Crypto ETF last week. The fund is slated to list on the NYSE Arca exchange under the ticker TKNZ.
In its post, SHIB’s X account said, “Just a meme coin,” countering long-standing skepticism that memecoins are driven purely by speculation and are not suitable for institutional-grade assets.
SHIB’s inclusion would mark its first regulated ETF exposure in the U.S. The article notes that SHIB does not have an approved standalone spot ETF in the U.S., and that no major asset manager has filed for one as of the time of writing. Trading for the fund has not yet begun.
Weak price momentum pushed SHIB off its position as the second-most valuable memecoin, with MemeCore (M) moving into the No. 2 spot.
According to the article, SHIB has lost 29% of its value year-to-date and more than 58% over the past year.
Sentiment has been pressured following last year’s breach of Shibarium, Shiba Inu’s Layer-2 network, during which over $4 million in cryptocurrency was stolen.
The article also points to reduced visibility of Shytoshi Kusama, one of the key figures in the Shiba Inu ecosystem, as another factor that may have dampened enthusiasm. It states that Kusama has steered the SHIB ecosystem since Ryoshi’s abrupt exit in 2022, but that they have been less active on X lately, redirecting attention to AI projects.
At the time of writing, SHIB was trading at $0.000004874, down 1.35% over the last 24 hours, according to data from Benzinga Pro.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
