Shiba Inu SHIB/USD, the second-largest meme coin by market capitalization, surged Tuesday night, joining the broader market rally pinned on Donald Trump's increased odds of victory.
What happened: The popular dog-themed cryptocurrency spiked over 10% in the last 24 hours, taking its market capitalization past $11 billion.
SHIB saw its trading volume soar by 157% to $865 million, making it one of the most traded cryptocurrencies in the last 24 hours.
The coin's rally was also celebrated by Shytoshi Kusama, a central figure of the Shiba Inu ecosystem.
The pseudonymous lead shared an X post with the caption "S.H.I.B." For those unaware, this was the acronym for Strategic Hub for Innovation in Blockchain—a proposal presented to the future U.S. President to establish the "Silicon Valley of Crypto."
The acronym appeared to have an uncanny resemblance to D.O.G.E, Elon Musk’s intended federal department under the next Trump administration.
See Also: Will Donald Trump Prematurely Claim Victory? 5 Polymarket Markets To Watch On Election Night
Why It Matters: SHIB's uptick came amid a broader rally in cryptocurrencies that saw Bitcoin BTC/USD hit a new all-time high.
The odds of a Trump win leapfrogged to 97% on cryptocurrency-based prediction market Polymarket, as the GOP nominee won the battleground state of North Carolina after securing early victories in the red states of Kentucky and Indiana.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001892, up 10.2% in the last 24 hours, according to data from Benzinga Pro.
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