In a significant development for the Shiba Inu cryptocurrency community, Shytoshi Kusama, the lead developer of Shiba Inu, took to social media on Monday to spotlight the growing support for the meme coin, notably from U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.). RFK Jr. was observed endorsing Shiba Inu’s slogan, “It’s Not A Meme, It’s A Movement,” a move that Kusama emphasized in his post on X (formerly known as Twitter) on March 4.
This endorsement came to light at the ETHDenver 2024 event, where RFK Jr. and Russ Davis of In Russ We Trust Crypto publicly displayed their backing for the Shiba Inu project by wearing the coin’s merchandise, showcasing solidarity with the “SHIB Army.”
Cryptic messages and strategic meetings: A new chapter for Shiba Inu
Following the public endorsement, Shytoshi Kusama shared a series of cryptic messages hinting at new developments within the Shiba Inu ecosystem. Kusama updated his location status to “With new Frens” and mentioned having a full schedule of meetings with recently acquainted partners. These statements have fueled speculation within the cryptocurrency community about potential collaborations and the direction of Shiba Inu’s future projects.
Kusama’s narrative suggests a period of strategic planning, emphasizing leveraging the meme coin’s recent successes to scale new heights. The lead developer hinted at demonstrating the project’s “true power” in the upcoming months despite the project’s modest budget and minimal marketing efforts.
Shiba Inu’s price rally amid meme coin hype
The cryptocurrency market witnessed a notable rally last week, with Shiba Inu at the forefront, registering an impressive 170% increase in value. Following the surge in support and the spotlight from high-profile endorsements, the price of Shiba Inu soared by over 23% in the past 24 hours, trading at $0.00002614.
The coin’s trading volume experienced a 28% decrease, suggesting significant activity from larger investors or “whales.” This bullish trend is further evidenced by the liquidation of short positions on SHIB, with futures and perpetual contracts experiencing a substantial increase in open interest. The meme coin’s remarkable performance and the broader market rally have propelled Shiba Inu closer to the top 10 cryptocurrencies by market capitalization, capturing the attention of investors worldwide.
The endorsement of Shiba Inu by prominent figures such as RFK Jr. and strategic moves by Shytoshi Kusama and the broader community’s enthusiasm have contributed to a significant uptick in the cryptocurrency’s market performance. As Shiba Inu continues to evolve beyond its meme coin origins, the market watches closely for its next steps in this dynamic and ever-changing sector.
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