Shiba Inu (CRYPTO: SHIB) is up 3.7% over the past 24 hours as positive news from its community bolster sentiment.
What Happened: Pseudonymous lead developer Shytoshi Kusama suggested establishing a blockchain innovation hub in the U.S., inviting presidential candidates to endorse a “Silicon Valley” for the blockchain sector.
This initiative, dubbed S.H.I.B., aims to drive economic growth, create quality jobs, and reinforce the U.S. as a leader in emerging technologies. Kusama estimated the project cost at $1.3 to $2.35 billion over 5-10 years.
By leveraging blockchain’s transformative potential, this S.H.I.B. initiative aims to stimulate economic growth, create high-quality jobs, enhance national security, and reinforce the United States’ leadership in emerging technologies.
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Crypto analyst Javon Marks reaffirmed his target price of $0.000081 for SHIB, suggesting the meme coin may be entering its next growth phase.
Last week, trader Investing Haven noted that Shiba Inu “avoided” the forecasted drop in October thereby implying “strong buying interest and a breakout trend.” He predicted SHIB is “primed for a strong 2025.”
Why It Matters: Shibariumscan reported a rise in daily SHIB transactions from 4.68 million on Nov. 3 to 4.74 million on Nov. 4. Shibburn data shows the burn rate increasing by 5,929.2%. In the past 24 hours, 1.5 million SHIB coins were removed from the ecosystem.
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Large transaction volume and daily active addresses declined by 6% and 10.7%, respectively, according to IntoTheBlock. Transactions greater than $100,000 are down from 147 to 114 in a single day.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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