Shiba Inu development team has recently announced a new venture in the United States. It is known as the Strategic Hub for Innovation in Blockchain (S.H.I.B). According to Shytoshi Kusama, the lead developer of Shiba Inu, the proposal aims to establish the United States as the hub of blockchain technology and sustainable development.
As noted by Kusama, the project could act as the first stone in the development of the United States as a leader in digital assets and blockchain investments.
In a post on X (formerly Twitter) published on November 5, the S.H.I.B. hub’s concept includes the following steps for the realization of the blockchain ecosystem: infrastructure building, economic stimuli, human capital, and legal frameworks. The cost of this initiative is expected to be between $1.3 billion and $2.35 billion for a 5-10 year span.
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Kusama called for the U.S. presidential candidates and other stakeholders to join the effort. Suggesting that he is ready to work on the national level in order to develop and promote blockchain technologies.
After Kusama’s announcement, the another influential personality in the Shiba Inu community Kaaldhairya asked Elon Musk and former U.S. President Donald Trump to support the cryptocurrency. Kaaldhairya called the S.H.I.B. hub “America’s very own Crypto Valley. Stating that the initiative could potentially compete with the leading tech hubs in the world.
The community’s efforts to reach out to business tycoons and politicians are to ensure that the initiative is well marketed and may attract investment and government support.
The timing of the proposal is relative to the ongoing US Presidential election campaign. In the elections cryptocurrency and blockchain have emerged as political issues of discussion. Kaaldhairya’s direct approach to Musk and Trump has led to many people being intrigued. It has also led to higher trading volume in the SHIB coin.
SHIB Price Experiences an Uptick Following Proposal Announcement
The S.H.I.B. initiative has been well-received by the market, and with the announcement, the price of SHIB rose by 4%. SHIB was trading at $0.00001745 at the time of writing. Its 24-hour high was at $0.00001743 and the 24-hour low at $0.00001642. This price movement is a positive sign from the market as investors look forward to the probable effects of the S.H.I.B initiative on the future price of SHIB.
Crypto analyst Master Kenobi painted a positive picture of SHIB based on the project’s concept and planning. According to Kenobi, Shiba Inu could be due for another price spike in the mold of the January 2021 rally. During that time SHIB price went from $0.000008 to $0.780, a 89030% increase in 280 days.
While he didn’t give a specific price prediction, Kenobi thinks that SHIB could experience a massive surge. It might be able to make it back into the top ten list of cryptos by market capitalization.
Shiba Inu Burn Rate Spikes Amid Positive Sentiment
In addition to the price increase, the SHIB community witnessed a spike in SHIB’s burn rate last week. Data from Shibburn, a tracking platform, showed that over 5.7 billion SHIB tokens were transferred to unspendable wallets, reducing the circulating supply.
The burn included a single transfer of 5.6 billion SHIB tokens, worth around $100,000, which was supported by the SHIB-themed project Shiro Neko.
Lucie, the marketing lead for Shiba Inu, acknowledged the significance of the burn, as it may contribute to further price stabilization and potential appreciation.
The SHIB team has warned its community to exercise caution when outside entities conduct large-scale burns, as they could be attempts to manipulate attention and sentiment around the coin.
