Sitoshi Kusama, the enigmatic leader of the Shiba Inu ecosystem, is taking inspiration from one of Elon Musk’s initiatives.
Today in an X-post, the lead Shiba Inu developer unveiled SHIB, which looks identical to Elon Musk’s DOGE proposal. While both proposals reflect the tickers of the two largest meme coins by market cap, they take different ideas.
Difference between DOGE and SHIB
For context: Musk proposed the DOGE (Department of Government Effectiveness) initiative to Republican presidential candidate Donald Trump. The initiative aims to streamline government operations and potentially save trillions of dollars in tax costs.
Musk’s mention of this proposal on X had a positive effect on the price of Dogecoin (DOGE). As reported yesterday, Dogecoin’s price rose 11%, increasing the asset’s market capitalization by $2.5 billion after Musk elaborated on the DOGE concept.
A few weeks after Musk came up with the DOGE proposal, the Shiba Inu leader proposed the SHIB initiative. SHIB, which stands for Strategic Center for Innovation in Blockchain, is Kusama’s proposal to the future President of the United States.
The SHIB initiative envisions a future US administration using blockchain to boost various sectors of the country, from security to the economy. Kusama believes this will help the United States create a “Silicon Valley of cryptocurrencies.”
Shiba Inu Leader Reminds Future US President of SHIB Proposal
Kusama first proposed the SHIB initiative earlier this week in a blog post. Today he emphasized this sentence as a reminder to whoever becomes president.
Shib
— Shitoshi Kusama™ (@ShytoshiKusama) November 6, 2024
SHIB forecasts double-digit growth following US election results
It’s worth noting that all polling stations have closed for the 2024 US election and voters are eagerly waiting to see who will be the next President of the United States.
Early results show Donald Trump, a vocal supporter of cryptocurrencies, leading the race in electoral votes by a wide margin. Associated Press data shows Trump has an overwhelming lead of 248 electoral votes, while Democratic Vice President Kamala Harris currently has 214 votes.
Apparently, the election results are bullish for the cryptocurrency market due to Trump’s pro-crypto stance. Currently, the total cryptocurrency market capitalization has increased by 9.94% in 24 hours and amounted to $2.49 trillion. As a result, Shiba Inu (SHIB) has seen a double-digit gain of 10.42% over the past day, with the token price currently at $0.00001932.
