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With counting underway and Trump maintaining a considerable lead over Kamala Harris, Shiba Inu (SHIB) may turn bullish if Republican candidate Donald Trump were to win the 2024 U.S presidential election. SHIB, currently trading at $0.00001927, has already gained 11.31% in the past 24 hours, reflecting increased market interest.
Trump has declared support for the digital asset sector via various speeches during his campaign and the billionaire’s son has also teased decentralized finance (DeFi) projects and tokens in the near future. Being the crypto industry’s preferred candidate for 2024, Shiba Inu could potentially benefit from Trump’s election.
According to the data Polymarkets, the chances of Trump securing a victory in the 2024 US elections stand at a massive 94% while that of soon-to-be former Vice President and Democratic candidate Kamala Harris stand at 5.9%.
Read also: Shiba Inu Has Surged by 33 Million Percent, Outperforming Bitcoin, Says Shytoshi Kusama
Bitcoin (BTC), the market leader, surged 9% in the past 24 hours, reaching an all-time high of $75,000 with trading volume jumping 80% to $73.63 billion. Trump’s rising chances in the presidential race are believed to have impacted this spike. Shiba Inu also shows bullish signs but remains down 78.12% from its all-time high of $0.00008845, set during the 2021 market rally. SHIB’s market cap currently stands at $11.41 billion, ranking it as the 12th-largest digital asset.
SHIB Burn Rate Accelerates
Shiba Inu is showing increased bullish potential with the SHIB token burn rate surging a monumental 1046.39%, according to the data from Shibburn. More than 14 million SHIB tokens were burned out of circulation in the past 24 hours.
Shytoshi Kusama, lead developer of Shiba Inu, recently announced the “Strategic Hub for Innovation in Blockchain (S.H.I.B.),” which includes an open invitation to Elon Musk and Trump for collaboration. Such partnerships could enhance SHIB’s ecosystem, drawing more interest from investors and potentially lifting SHIB’s value.
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