By crypto.news | Created at 2024-11-10 22:42:37 | Updated at 2024-11-18 06:28:08
1 week ago
Shiba Inu has surged following lead developer Shytoshi Kusama’s proposal for a strategic blockchain innovation hub in the U.S.
The announcement coincided with a major price pump for Shiba Inu (SHIB).
Shiba Inu developer shares vision
Kusama unveiled an ambitious proposal to establish a “Silicon Valley for crypto” just days before the U.S. presidential election.
The proposed strategic hub is estimated to cost several billion dollars. This plan aims to position the U.S. as a global leader in blockchain innovation.
Kusama stated:
“Not just for Shib, but as a way to have a Silicon Valley for crypto, I proposed this in hopes that the United States would move forward with embracing innovation and, in doing so, catch up to the rest of the world.”
Shiba Inu pumps 40%
The market responded enthusiastically to the proposal. SHIB’s price reached $0.00002727 — a 40% increase in 24 hours.
The token’s trading range pumped from $0.00001925 to $0.00002768, while weekly gains exceeded 65%.
Source: CoinGeckoDespite the impressive surge, SHIB remains 68% below its all-time high of $0.00008616 from October 2021.
The recent surge cannot be directly attributed to Kusama’s proposal. One of the major reasons could be the overall crypto-bullish market conditions.
The Shiba Inu foundation plans to officially present the proposal to the incoming administration, suggesting that funds gathered through their D.O.G.E. initiative could support these innovations.
“This is a chance to let the world know we are still here, our technologies to be adopted, and proof that our innovations will benefit the globe,” Kusama emphasized.
