Shiba Inu Devs Unveil 'Silicon Valley for Blockchain' Plan, Targeting US Presidential Candidates for Support

Shytoshi Kusama, Shiba Inu's lead developer, outlined the S.H.I.B. hub's plan in a post on the X

The Shiba Inu (SHIB) development team has proposed a new initiative in the United States, aiming to establish the country as a central hub for blockchain technology and sustainable development. The initiative, dubbed the Strategic Hub for Innovation in Blockchain (S.H.I.B.), could potentially have a significant impact on the SHIB price.

Shiba Inu’s lead developer, Shytoshi Kusama, outlined the proposal, which aims to create a favorable environment for blockchain investments and digital assets in the U.S. According to Kusama, the initiative could serve as a foundational step in making the country a leader in the blockchain industry.

In a post on X (formerly Twitter) on November 5, Kusama described the plan for the S.H.I.B. hub, which includes building infrastructure, stimulating the economy, developing human capital, and creating legal frameworks. The project is estimated to cost between $1.3 billion and $2.35 billion over five to ten years.

I propose a Strategic Hub for Innovation in Blockchain (S.H.I.B.). I invite either Presidential candidate and/or interested parties to reply if they support this "Silicon Valley for the Blockchain industry". 👀👇

Kusama also called on U.s presidential candidates and other stakeholders to support this effort, expressing his willingness to collaborate on a national level to advance and promote blockchain technologies.

Community Members Aspiring Attention from High-Profile Figures

Kaaldhairya, another prominent figure in the Shiba Inu community, contacted Elon Musk and former U.S. President Donald Trump following Kusama’s announcement, urging them to support the cryptocurrency.

Describing the S.H.I.B. hub as “America’s very own ‘Crypto Valley,'” Kaaldhairya suggested 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 and could potentially attract investment and government backing.

This proposal comes at a crucial time as cryptocurrency and blockchain have become major topics of discussion, coinciding with the ongoing U.S. Presidential election campaign.

Kaaldhairya’s direct appeal to Musk and Trump has sparked considerable interest, leading to a surge in SHIB coin trading volume. According to CoinMarketCap, the 24-hour trading volume increased by 180%, reaching $965 million.

SHIB Price Experiences a Boost After Proposition Announcement & Trump’s Election Lead

As per the Polymarket, Trump’s win is almost guaranteed with a 99.4% chance of becoming the 47th president of the USA. On the other hand, Kamala Harris seems to be losing the battle.

Meanwhile, 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, and the 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, citing the project’s solid concept and strategic planning.

Comparing the current situation to the January 2021 rally, where SHIB’s price skyrocketed from $0.000008 to $0.780, he highlighted the potential for a significant surge. It marked an astounding 89,030% increase over 280 days.

While Kenobi did not provide a specific price prediction, his analysis suggests that SHIB crypto could be poised for another major rally. 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 witnessed 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, effectively reducing the circulating supply.

This included a notable single transfer of 5.6 billion SHIB coins, valued at approximately $100,000, which was facilitated by the SHIB-themed project Shiro Neko.

Lucie, Shiba Inu’s marketing lead, emphasized the significance of this burn, suggesting 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, which could be attempts to manipulate the coin’s attention and sentiment.