US Presidential Candidate Robert F. Kennedy has expressed his support for Shiba Inu, which has contributed to a boost in sentiment and the coin’s price. Shiba Inu experienced a 23% price increase after Kennedy endorsed the meme coin at ETHDenver 2024. Kennedy’s endorsement, showcased through the wearing of Shiba Inu badges, has added legitimacy to the project and increased investor confidence.
The lead developer of Shiba Inu, Shytoshi Kusama, further fueled speculation about the project’s future by dropping cryptic messages on social media platforms. Kusama’s mysterious persona and enigmatic remarks about “new frens” and plans to “level up” have captivated the Shiba Inu community.
Shiba Inu has seen a significant surge in price, rising by 183% over the past week. This increase in price aligns with the recent meme coin rally and growing interest in meme coins. RFK Jr.’s support, as acknowledged by Kusama, has further boosted investor optimism, resulting in a 10% price jump within one hour.
The derivatives market has also contributed to the bullish sentiment surrounding Shiba Inu. SHIB futures and perpetuals have seen a notable increase in open interests, and the liquidation of short positions on platforms offering SHIB-based trading pairs has added to the upward momentum of the token’s price.
Whale investors have played a role in SHIB’s recent price surge, with whale transactions on the Shiba Inu network increasing by nearly 500%. Additionally, the SHIB burn rate has skyrocketed by an impressive 30,000%, contributing to the token’s scarcity and value.
Currently, SHIB is trading at $0.00002653, with a 25% increase in the past 24 hours and a market capitalization of $15.3 billion. The 24-hour low and high are $0.00001987 and $0.00002546, respectively.