Shiba Inu Lead Copies This Elon Musk Move

Shytoshi Kusama, the enigmatic Shiba Inu ecosystem leader, draws inspiration from one of Elon Musk’s initiatives.

In an X post today, the Shiba Inu lead developer unveiled S.H.I.B, which looks identical to Elon Musk’s D.O.G.E proposal. Although both proposals mirror the tickers of the top two meme coins by market cap, they hold different ideas.

Difference Between D.O.G.E and S.H.I.B

For context, Musk proposed the D.O.G.E (Department of Government Efficiency) initiative to Republican presidential candidate Donald Trump. The initiative aims to streamline government operations and potentially save trillions of dollars in tax spending.

Musk’s mention of this proposal on X positively impacted the price of Dogecoin (DOGE). As reported yesterday, the price of Dogecoin soared by 11%, adding $2.5 billion to the asset’s market cap after Musk elaborated on the D.O.G.E concept.

Weeks after Musk made the D.O.G.E proposal, Shiba Inu’s leader proposed the S.H.I.B initiative. S.H.I.B, which stands for Strategic Hub for Innovation in Blockchain, is Kusama’s proposal to the forthcoming president of the United States.

The S.H.I.B initiative proposes that the forthcoming U.S. administration leverage blockchain to boost different sectors of the country, ranging from security to the economy. Kusama believes this help the United States create a ‘Silicon Valley of Crypto.’

Shiba Inu Lead Reminds Upcoming US President About S.H.I.B Proposal

Kusama first proposed the S.H.I.B initiative earlier this week in a blog post. He highlighted the proposal today as a reminder to whoever becomes president.

S.H.I.B.

— Shytoshi Kusama™ (@ShytoshiKusama) November 6, 2024

SHIB Sees Double-Digits Gain as US Election Result Comes In

It is worth mentioning that all polls for the 2024 U.S. election have closed, with voters looking forward to who will become the next president of the United States.

Early results show that Donald Trump, a strong crypto advocate, is leading the race in terms of electoral votes by a good margin. Associated Press data show that Trump has a commanding lead of 248 electoral votes, while Vice President Kamala Harris of the Democratic Party currently has 214.

US Presidential Election result

Apparently, the election result is bullish on the crypto market due to Trump’s pro-crypto stance. So far, the total crypto market cap is up 9.94% in 24 hours to $2.49 trillion. As a result, Shiba Inu (SHIB) has witnessed double-digit gains of 10.42% in the past day, with a token currently priced at $0.00001932.

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