- Robert F. Kennedy Jr.’s endorsement elevates Shiba Inu’s visibility, while a +3,000% surge in meme coin trading volume reflects growing market enthusiasm and investor interest.
- Meme coins, led by Shiba Inu, see a +3,000% surge in trading volume.
Shiba Inu, a popular meme coin, has garnered significant support, marking a pivotal moment in its journey. Shytoshi Kusama, the enigmatic lead developer behind Shiba Inu, announced on Monday that the cryptocurrency is witnessing a robust surge in support.
This announcement comes on the heels of a high-profile endorsement from U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.), who was seen advocating for Shiba Inu with the powerful message, “It’s Not A Meme, It’s A Movement.”
RFK Jr.’s Endorsement: A Boost for Shiba Inu (SHIB)
RFK Jr., a notable figure in the U.S. presidential race, has thrown his weight behind Shiba Inu, a move that has resonated well within the cryptocurrency circles. Shytoshi Kusama highlighted this endorsement in a social media post, bringing to light RFK Jr.’s support for the Shiba Inu movement.
The backing was prominently displayed at the ETHDenver 2024 event, where RFK Jr. and Russ Davis from “In Russ We Trust Crypto” were spotted donning Shiba Inu badges, showcasing their solidarity with the SHIB Army. For a deeper dive into these developments, you can find detailed explanations in this Youtube video.
Shytoshi Kusama’s Cryptic Messages and Future Plans
Amidst this wave of support, Shytoshi Kusama has intrigued the community with cryptic messages, hinting at new alliances and bold plans for the future. Kusama’s social media activity, including a change in location to “With new Frens” and mentions of fruitful meetings, suggests a strategic expansion of the Shiba Inu network.
He teased the community about “leveling up” and unveiling “true power” in the upcoming months, alluding to Shiba Inu’s remarkable journey of growth with minimal resources.
A Surge in Trading Volume
In the backdrop of this growing support, the meme coin sector, led by Shiba Inu, has seen an unprecedented rally. A recent tweet by Santiment, a renowned analytics platform known for its insightful cryptocurrency data, sheds light on this phenomenon.
📈 #Memecoins, particularly those that have been trending over the past week, have skyrocketed in trading volume due to surging prices and increased crowd interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK has seen volume rise +3,000% in the past week. https://t.co/MMHxbMotu0 pic.twitter.com/AiIaEbgGIz
— Santiment (@santimentfeed) March 4, 2024
The platform reported that meme coins, particularly those trending over the past week, have witnessed a meteoric rise in trading volume. On average, coins such as SHIB, PEPE, FLOKI, and BONK saw a staggering +3,000% increase in volume, driven by soaring prices and heightened public interest.
In the wake of Shiba Inu’s escalating endorsements and trading frenzy, the SHIB community has witnessed a staggering 30,000% increase in its token burn rate, further fueling optimism for the meme coin’s price trajectory.
This significant uptick in burning activity is anticipated to reduce the circulating supply, potentially driving up the coin’s value, as previously reported by ETHNews.
Market Impact and Shiba Inu’s Rally
Shiba Inu’s market presence has been nothing short of spectacular, with the coin almost breaching the top 10 cryptocurrency list. The meme coin hype, coupled with a broader crypto market rally, propelled Shiba Inu’s value by over 171% in just a week.
This rally was further amplified by a 2% price jump within an hour, and a remarkable 28.29% increase over 24 hours, signaling a strong market sentiment and active participation from SHIB whales.