What's Going On With Shiba Inu (SHIB)?

Henry Khederian

November 07, 2024

In the wake of Donald Trump's 2024 presidential win, Shiba Inu (CRYPTO: SHIB) has jumped 10% since Wednesday to reach $0.00001944.

Trump's victory, combined with the Republican Party's return to a Senate majority, signals a potential shift in U.S. economic policy that includes corporate tax cuts, high tariffs and an aggressive stance on inflation—factors that could reshape traditional and digital asset markets alike.

What To Know: A key driver of SHIB’s surge is Trump's pro-crypto stance, marked by his vision of the U.S. as a "Bitcoin superpower." Trump's proposal to incorporate Bitcoin into a national reserve has sent ripples through the crypto space, igniting excitement among investors who see digital assets as hedges against economic uncertainty.

Trump's anticipated policies could stoke inflationary pressures, with JPMorgan analysts projecting up to a 2.4% rise in inflation if trade tariffs are fully enacted. In such an environment, investors often look to alternative assets like cryptocurrencies as protection against the dollar's decline.

Shiba Inu, with its low entry price and high volatility, is a popular speculative asset among retail investors seeking both growth potential and a potential hedge against macroeconomic risks.

Read Also: Could MiCA’s Passport System Open Doors Across Europe For Crypto Exchanges?

Shiba Inu was created as an Ethereum-based alternative to Dogecoin (CRYPTO: DOGE), branding itself as the "Dogecoin killer." Both coins share a meme-inspired appeal, drawing in retail investors with their playful branding and community-driven support.

As the digital asset market continues to mature, the convergence of regulatory shifts, M&A activities, and adoption trends will define the future of this dynamic field. Benzinga's Future of Digital Assets event in New York City this November will provide industry leaders and investors with a platform to explore these developments further, offering insights into the evolving regulatory environment and the latest market dynamics.

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