- US Presidential Candidate Robert F. Kennedy has signaled his support for Shiba Inu.
- Shiba Inu burn rate and general market sentiment is helping to boost sentiment.
Shiba Inu (SHIB) saw its price jump by 23% following an endorsement for the meme coin by US Presidential Candidate, Robert F. Kennedy Jr. (RFK Jr), as highlighted by Shytoshi Kusama, the project’s lead developer.
RFK Jr Endorses Shiba Inu
Kusama took to the X platform earlier today to announce RFK Jr.’s endorsement of Shiba Inu. Kennedy’s support for the meme coin was showcased at ETHDenver 2024, where he and Russ Davis of InRussWeTrust Crypto were spotted wearing Shiba Inu badges, signaling their support for the SHIB Army.
WOW! #SHIBARMYSTRONG https://t.co/Gwsjn2rHDY
— Shytoshi Kusama
(@ShytoshiKusama) March 3, 2024
According to the post, RFK Jr promoted Shiba Inu, under the slogan “It’s Not A Meme, It’s A Movement.” This endorsement from a high-profile figure like RFK Jr. added legitimacy to Shiba Inu and has strengthened investors’ confidence in the project, thus propelling its price.
Adding to the intrigue surrounding SHIB, Kusama dropped cryptic messages on social media platforms, hinting at future developments in the pipeline. Kusama’s mysterious persona and enigmatic posts have long captivated the Shiba Inu community, and his latest remarks about “new frens” and plans to “level up” only served to fuel speculation about the project’s future course.
Notably, Shiba Inu has been riding high on the wave of the recent meme coin rally, with its price surging by an impressive 183% over the past week. This surge in price coincided with broader market momentum and increased interest in meme coins. Kusama’s acknowledgment of RFK Jr.’s support further fueled investor optimism, leading to a 10% jump in SHIB’s price within just one hour.
The bullish sentiment surrounding Shiba Inu was further reinforced by activities in the derivatives market. SHIB futures and perpetual saw a remarkable increase in open interests. Furthermore, the liquidation of short positions on platforms offering SHIB-based trading pairs added fuel to the upward momentum of the token’s price.
SHIB, 1000SHIB, and SHIB1000 continue to witness enormous liquidation of shorts. SHIB and SHIB futures Open Interest (OI) have risen by more than 26% in the last 24 hours, with 1000SHIB perpetuals approaching $150 million.
Whale Activities and Burn Rate Surge
Another factor contributing to SHIB’s recent price surge is the increased activity among whale investors. Whale transactions on the Shiba Inu network have surged by nearly 500%, as previously reported by Crypto News Flash.
Additionally, the SHIB burn rate has skyrocketed by a phenomenal 30,000%, reflecting efforts to enhance the token’s economics and reduce its supply. Reflecting on Crypto News Flash’s prior findings, this surge in burn rate has resulted in a circulating supply of approximately 581.65 billion SHIB coins, further boosting investor confidence in the token’s scarcity and value.
As of the time of writing, SHIB is trading at $0.00002653, up 25% in 24 hours with its market capitalization standing at $15.3 billion. The 24-hour low and high are $0.00001987 and $0.00002546, respectively.
