'Dogecoin Killer' Shiba Inu Up 3%: What Is Going On?

Shiba Inu SHIB/USD 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.

Crypto analyst Javon Marks reaffirmed his target price of $0.000081 for SHIB, suggesting the meme coin may be entering its next growth phase.

$SHIB (Shiba Inu) remains broken out and has confirmed a bull pattern with the RSI on the daily chart!

Overall Target is still at $0.000081 and the next leg towards it can be in early stages, initiated by the falling wedge breakout… https://t.co/pbBS66quWM pic.twitter.com/MVu7lBfoqG

— JAVON⚡️MARKS (@JavonTM1) November 5, 2024

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."

Also Read: ‘Dogecoin Killer’ Shiba Inu Burn Rate Explodes 254,078% Higher And One Indicator Shows A 90% Rally Could Be Coming

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.

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.

Read Next: 

• Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: ‘We Still Have Far To Go And Much Work To Be Done’

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