The meme coin scene saw a surge of excitement on Tuesday night as Shiba Inu (SHIB) jumped over 10%, joining the broader cryptocurrency rally sparked by Donald Trump’s strengthening odds of winning the U.S. presidential election.
This surge wasn’t just a fleeting trend; it was accompanied by a significant boost in trading volume. SHIB saw a whopping 157% increase in trading volume, reaching $865 million within a 24-hour period, making it one of the most actively traded cryptocurrencies.
The rally was met with enthusiasm from Shytoshi Kusama, a key figure within the Shiba Inu ecosystem. Kusama, a pseudonymous lead developer, celebrated on X (formerly Twitter) with the post “S.H.I.B.” This acronym stands for “Strategic Hub for Innovation in Blockchain,” a proposal designed to establish a ‘Silicon Valley of Crypto’ under the potential future Trump administration.
Interestingly, the S.H.I.B. acronym seems to echo the “D.O.G.E” moniker, which refers to the Department of Government Enterprises, a proposed federal department envisioned by Elon Musk under a potential Trump administration.
This surge in SHIB comes amidst a broader cryptocurrency rally that saw Bitcoin (BTC) hitting a new all-time high. The odds of a Trump victory have soared to 97% on Polymarket, a cryptocurrency-based prediction market, following his wins in key battleground states like North Carolina, as well as red states like Kentucky and Indiana.
At the time of writing, SHIB is trading at $0.00001892, marking a 10.2% increase over the past 24 hours, according to data from Benzinga Pro. The future of SHIB remains to be seen, but its connection to the political landscape adds a unique layer of intrigue to the cryptocurrency’s trajectory.
