- The Shiba Inu team has launched the S.H.I.B. initiative, a $2.35 billion plan to position the U.S. as a global leader in blockchain technology.
- Following the announcement, the SHIB price increased by 10%.
- Additionally, over 5.7 billion SHIB coins were burned last week. That could enhance the token’s long-term value.
The Shiba Inu development team has unveiled a new initiative in the United States. The initiative is dubbed the Strategic Hub for Innovation in Blockchain (S.H.I.B). It could be a game-changer for the SHIB price.
Shytoshi Kusama is Shiba Inu’s lead developer. He stated that this proposal aims to position the U.S. as a central hub for blockchain technology and sustainable development.
Kusama highlighted that this project could be a foundational step in establishing the U.S. as a leader in digital assets and blockchain investments.
Kusama outlined the S.H.I.B. hub’s plan in a post on X (formerly Twitter) on November 5. The plan includes building infrastructure, stimulating the economy, developing human capital, and creating legal frameworks. The initiative is projected to cost between $1.3 Billion and $2.35 Billion throughout 5 to 10 years.
Kusama also called on U.S. presidential candidates and other stakeholders to support this effort. He expressed his readiness to collaborate on a national level to advance and promote blockchain technologies.
Community Members Aspiring Attention from High-Profile Figures
Kaaldhairya is another prominent figure in the Shiba Inu community. Following Kusama’s announcement, he contacted Elon Musk and former U.S. President Donald Trump. He urged them to support the cryptocurrency.
Kaaldhairya described the S.H.I.B. hub as “America’s very own Crypto Valley,” suggesting it could rival the world’s leading tech hubs.
The community’s outreach to influential business leaders and politicians ensures the initiative is well-publicized. It could potentially attract investment and government backing.
This proposal comes at a crucial time when cryptocurrency and blockchain have become significant topics of discussion. It is coinciding with the ongoing U.S. Presidential election campaign.
Kaaldhairya’s direct appeal to Musk and Trump has sparked considerable interest. This has led to a surge in SHIB coin trading volume. According to CoinMarketCap, the 24-hour trading volume increased 180%, reaching $965 Million.
SHIB Price Experiences a Boost After Proposition Announcement & Trump’s Election Lead
As per the Polymarket, Trump’s win is imminent. There is a 99.4% chance of him becoming the 47th president of the USA. On the other hand, Kamala Harris seems to be losing the battle.
Similarly, the market has responded positively to the S.H.I.B. initiative, with the SHIB price increasing by 10% following the announcement.
At the time of writing, SHIB’s price was trading at $0.00001915. This upward movement indicated investor optimism about the potential impact of the S.H.I.B. initiative on SHIB’s future value.
Crypto analyst Master Kenobi has expressed a bullish outlook on SHIB crypto. He has cited the project’s solid concept and strategic planning.
He compared the current situation to the January 2021 rally, where SHIB’s price skyrocketed from $0.000008 to $0.780. It has marked an astounding 89,030% increase over 280 days.
Although Kenobi did not provide a specific price prediction, he believes SHIB crypto could significantly surge. This could potentially lead to re-entering the top ten cryptocurrencies by market capitalization.
Shiba Inu Burn Rate Jumps Amidst Optimistic Sentiment
Last week, the SHIB community saw a significant increase in the token’s burn rate. According to Shibburn, a tracking platform, over 5.7 billion SHIB coins were moved to unspendable wallets. This effectively reduced the circulating supply.
This included a notable single transfer of 5.6 billion SHIB coins, valued at approximately $100,000. That was supported by the SHIB-themed project Shiro Neko.
Lucie, Shiba Inu‘s marketing lead, highlighted the importance of this burn. This suggested it could help stabilize and potentially increase SHIB’s price.
However, the SHIB team has advised the community to be cautious of large-scale burns conducted by external entities. These could be attempts to manipulate the coin’s attention and sentiment.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
