Following Donald Trump’s victory in the U.S. presidential election, Shiba Inu (SHIB) is showing bullish momentum. Trump’s pro-crypto stance has sparked increased interest in digital assets, and SHIB is among the primary beneficiaries. Currently trading at $0.00001927, SHIB surged 11.31% in the past 24 hours, reflecting heightened market enthusiasm.
Throughout his campaign, Trump consistently strongly supported the digital asset sector. His advocacy for cryptocurrencies has resonated with the crypto community, potentially positioning SHIB and other assets to benefit from policy shifts under his administration. His promotion of cryptocurrencies and recent hints by his son on possible DeFi projects suggest a growing focus of the industry on tokens such as Shiba Inu.
Bitcoin (BTC) showed strong growth in the broader crypto market, jumping 9% in the last 24 hours to reach a new high of $75,000, with trading volumes surging 80% to $73.63 billion. Analysts attribute this spike to Donald Trump’s presidential election victory, suggesting that his pro-crypto stance boosts investor confidence across the digital asset sector. Shiba Inu, though still down 78.12% from its all-time high of $0.00008845, maintains a prominent position as a top digital asset with a current market cap of $11.41 billion, ranking it 12th overall.
Also Read: Just In: Shiba Inu Becomes 12-Largest Cryptocurrency Surpassing AVAX
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SHIB Burn Rate and Ecosystem Developments
On top of SHIB’s recent bull run possibilities, the Shiba token burn rate has increased by 1046.39% in the last 24 hrs, with more than 14 million tokens burnt, as reported in Shibburn. This burn mechanism has made investors more hopeful that if the demand increases, the supply decrement will give way to the actual value of SHIB.
Shytoshi Kusama, the lead developer for Shiba Inu, recently introduced the “Strategic Hub for Innovation in Blockchain (S.H.I.B.),” aimed at advancing SHIB’s ecosystem. Kusama has extended open invitations to critical figures like Elon Musk and Donald Trump to collaborate on the project. If successful, these partnerships could expand SHIB’s reach and bolster its ecosystem, attracting more investor interest and strengthening the token’s position in the market.
In conclusion, with Trump’s re-election secured, the pro-crypto environment could benefit Shiba Inu significantly. As his support for digital assets potentially translates into policy, SHIB may experience further gains bolstered by growing institutional interest and continuous ecosystem developments.
Also Read: Shiba Inu’s Shytoshi Kusama Unveils S.H.I.B., A Blueprint for U.S. Blockchain Dominance
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.