- Shiba Inu (SHIB) is seeing its influence grow which may translate in price resurgence.
- A top US politician confirmed plans to buy Shiba Inu.
The Shiba Inu community members have taken to Twitter to express undying solidarity for the memecoin amidst a recent downturn in the broad crypto market.
The conversation about Shiba Inu was sparked when SHIB KNIGHT, a well-known influencer in the Shiba Inu community asked his followers what memecoin they were buying on Tuesday with the hashtag #Memecoinseason2023. The question received several answers including that of a United States public figure.
United States politician and prominent gubernatorial candidate in North Carolina’s upcoming elections Shannon Bray publicly declared that he was buying more Shiba Inu once his paycheck arrives.
— Shannon Bray 🪙 (@ShannonBrayNC) June 13, 2023
His bold statement implies unwavering support for SHIB. Bray also explained that the memcoin has a very high potential of regaining traction and pulling in more users. He tied this achievement of SHIB to the influence of the popular trading platform Robinhood.
Large Investors’ Influence on Shiba Inu Price
Bray’s utterance may likely cause an uproar in the SHIB ecosystem seeing that he is a public figure with a huge followership.
It may consolidate the position of the Shiba Inu memecoin in the rapidly expanding market. Already, the SHIB token has gained massive attention even amid the recent memecoin frenzy which saw the popularity of Pepecoin (PEPE), Floki Inu (FLOKI) and Milady Memecoin (LADYS) spike.
PEPE had posed a serious threat to Shiba Inu due to the daily massive growth and hype it received upon launch. Still, there has been increased adoption and expansion of SHIB which has played a pivotal part in preventing a market-wide downtrend that would affect the price of the memecoin, although it is not yet certain how soon SHIB will surge to $0.01. Over 440 merchants in Europe have recently accepted the token as a payment option.
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Data recently showed that there has been a remarkable surge in the accumulation of SHIB by large investors.
About a week ago, deep-pocketed investors had accumulated 338.1 billion more SHIB tokens than they were selling. This significant acquisition brought the total volume of SHIB amassed to a staggering total of 9.34 trillion. It also showed growing confidence and belief of investors in the token which may eventually translate to a boost in the SHIB value.
Multiple involvements of crypto whales in SHIB as well as their focus on long positions can mean well for the broad market. Most times, their investment decisions are closely followed by other investors and this could bring about additional liquidity and credibility for SHIB.
The much-anticipated launch of Shibaruim has also sparked excitement amongst SHIBArmy. The Layer-2 scaling solution which is built on the Ethereum (ETH) blockchain is focused on providing a vibrant infrastructure where new applications can be built for SHIB token holders, allowing them to trade tokens and participate in various Decentralized Finance (DeFi) applications. Its official launch is predicted by Shiba Inu lead developer Shytoshi Kusama to happen in July.