Here’s Why Shiba Inu Still Doesn’t Have an ETF Application Despite Its Size

Shiba Inu has failed to attract the interest of any mainstream asset manager for ETF applications despite being the second-largest meme coin in the market.

Notably, Shiba Inu secures this spot with a market cap of over $9 billion, much larger than the rest of the assets below it. Yet, no asset manager has filed for a Shiba Inu ETF. This has triggered concerns, especially as the smaller meme coins continue to secure ETF filings.

Shiba Inu Lacks ETF Interest Despite Current Position

Since January 2025, asset managers have rushed to file ETF applications tied to meme coins. Dogecoin (DOGE) took the lead, with firms like Rex Shares and Osprey Funds filing to launch DOGE ETFs. Grayscale also filed to convert its existing Dogecoin Trust into an ETF in January, while Bitwise submitted paperwork between January and March. 21Shares also filed for a Dogecoin ETF in April.

Despite its strong position in the market, Shiba Inu remains excluded from these filings. Several possible reasons may explain this, though they remain speculative without formal confirmation.

Shiba Inu Ecosystem Team’s Anonymity

The most likely factor may involve the anonymity of SHIB’s ecosystem team. While Dogecoin runs without a clear leadership structure and TRUMP coin ties directly to a well-known public figure, Shiba Inu sits in the middle.

It has a dedicated team, but its key members, including visionary lead Shytoshi Kusama, have stayed anonymous. While Kusama has made several public appearances, he has chosen to shield his face from the public, consistently concealing his identity.

This lack of exposure may raise red flags for financial institutions that want to back projects with visible leadership or no leadership at all, especially when launching products under strict financial regulations. Notably, these mainstream institutions often prioritize transparency.

Lack of a High-Profile Figure

Secondly, SHIB also doesn’t benefit from major celebrity endorsements. Elon Musk and Mark Cuban have promoted Dogecoin, while TRUMP coin leans on its connection to President Donald Trump

These figures boost the public image of their respective coins, making them more appealing to investors and ETF issuers alike. SHIB doesn’t have a similar high-profile backer, which may reduce its draw in the eyes of fund managers who rely on social sentiment and media hype to support these types of offerings.

Other Possible Factors Shiba Inu Has Not Seen an ETF Application

Another factor could be SHIB’s complex ecosystem. While Dogecoin focuses on simple peer-to-peer transactions, Shiba Inu supports a full DeFi environment. It includes tools like ShibaSwap, a Layer 2 blockchain called Shibarium, NFTs, and an upcoming metaverse project

This shows innovation but asset managers may see it as too complicated to fit into an ETF structure. Simpler coins often attract more interest from institutions that prefer straightforward narratives and clean market use cases.

Also, Shiba Inu’s ecosystem remains in progress. Its token burn strategy, DeFi tools, and broader adoption are still developing. This might suggest to firms that SHIB hasn’t yet reached the maturity level they want for an ETF product.

Lastly, although SHIB boasts one of the strongest communities in crypto, it lacks a standout personality driving its visibility, which is due in part to Kusama’s anonymity. Dogecoin has Musk, and TRUMP coin has Trump. These individuals keep their coins in the headlines

However, SHIB relies more on grassroots support. Notably, this support runs deep but may not shine as brightly in mainstream news, which matters when firms try to measure market sentiment before launching new products.

For now, SHIB continues to lead in market size and community strength. However, unless its public profile rises or asset managers start to value its complex ecosystem more highly, it may stay on the sidelines while other meme coins move forward in the ETF race.