- Shiba Inu, the lead developer, wants to create an S.H.I.B Silicon Valley for crypto in the US.
- The sentiment around the proposal has fueled SHIB’s price recovery.
Shiba Inu’s team lead, Shytoshi Kusama, sparked a frenzy in the crypto market following a proposal to Elon Musk and Donald Trump. The news quickly reverberated in the ecosystem, with the price of SHIB jumping to the $0.000017 range.
Shytoshi Kusama’s S.H.I.B Proposal
In an X post, Kusama outlined a plan to develop a Strategic Hub for Innovation and Blockchain (S.H.I.B) in a US city. The proposal seeks to transform the US into a global hub for blockchain technology and sustainable development.
I propose a Strategic Hub for Innovation in Blockchain (S.H.I.B.). I invite either Presidential candidate and/or interested parties to reply if they support this “Silicon Valley for the Blockchain industry”. 👀👇 https://t.co/N5CMYOfPP9
— Shytoshi Kusama™ (@ShytoshiKusama) November 5, 2024
Kusama described the proposed Hub as “the Silicon Valley of Crypto.” Leveraging blockchain’s transformative potential, this S.H.I.B. initiative aims to stimulate economic growth, create high-quality jobs, and enhance national security. It can also help to reinforce the US leadership in emerging technologies.
The proposal outlined a detailed plan for the physical infrastructure, talent development, regulatory framework, sustainable practices, marketing, and global outreach. According to Kusama’s plan, the hub’s development will cost between $1.3 billion and $2.35 billion over the next five to ten years.
Regarding the physical infrastructure, plans are underway to build or sponsor cutting-edge research labs, incubators, accelerators, co-working spaces, and office buildings. The project will incorporate green building practices like energy-efficient systems, renewable energy sources (solar, wind), and smart grid technologies.
Additionally, Kusama’s proposal outlines plans to establish clear, supportive regulations that encourage innovation while ensuring consumer protection and security. The project also seeks to coordinate with federal, state, and local agencies to streamline regulations and eliminate redundancies.
Investing in the S.H.I.B. presents a transformative opportunity for the United States. The projected return from the project is estimated at $10 for every $1 invested over a decade. The projection considers job creation, tax revenues, and economic activity. Additionally, it estimates inflows of $5 billion in private investments over ten years.
Kusama invites either the Presidential candidate or interested parties to reply if they support the project. He believes the President’s support can set the project forward, ensuring prosperity and security for generations to come.
Memecoins Takes the Crypto Market Spotlight
Memecoins have stolen the spotlight amid the ongoing U.S. Presidential elections. Notably, Dogecoin (DOGE), another leading memecoin, is riding on bullish momentum, currently priced at $0.1679. Within the last 24 hours, DOGE rose by 10.7%, while trading volume increased by 59.4%.
Dogecoin’s recent price uptick can be linked to Donald Trump and Elon Musk’s newfound relationship. As CNF reported, Trump said he would establish a Department of Government Efficiency (D.O.G.E.) and appoint billionaire Elon Musk to lead the committee. Recently, Musk reportedly tapped into U.S. Fed critic Ron Paul for D.O.G.E. expertise, aiming to minimize government spending.
Per SHIB, the memecoin’s price rose sharply after Kusama’s proposal. As of this writing, SHIB is trading at $0.0000176, demonstrating a 5.4% surge in the last 24 hours.
