Shiba Inu Creator Proposes Blockchain Hub, Boosts SHIB Price by 23%

A meme coin developer proposes establishing a new American city focused exclusively on the blockchain industry. Shiba Inu creator Shytoshi Kusama is advocating for this idea to the Trump administration.

Shiba Inu City: An Ambitious Plan

Kusama's proposal envisions a blockchain-centric metropolis, dubbed the Strategic Hub for Innovation in Blockchain (S.H.I.B). This aligns with Trump's vision of developing technology-driven American cities.

Well, would you look at that. Guess my S.H.I.B. proposal was ahead of its time… BY LESS THAN A WEEK. ICYMI https://t.co/pjUBcjgZJ3
A thread https://t.co/p8wRKhxThh

— Shytoshi Kusama (@ShytoshiKusama) November 9, 2024

Trump previously announced plans to construct 10 "freedom cities" on federal land to revitalize American innovation. With Trump's election victory, Kusama views this as an opportunity to promote his blockchain hub concept.

Cost Effective

Kusama acknowledges the short-term financial burden of transforming an American city into a blockchain hub. He estimates the cost between $1.3 billion and $2.35 billion, with a timeline of five to ten years for completion.

He argues for focusing on long-term economic and geopolitical benefits rather than immediate costs. The project could create around 5,000 jobs and inject approximately $500 million into the local economy, attracting over 100 blockchain startups.

“By leveraging blockchain’s transformative potential, this S.H.I.B. initiative aims to stimulate economic growth, create high-quality jobs, enhance national security, and reinforce the United States’ leadership in emerging technologies.”

A Strategic Investment

Kusama positions S.H.I.B. as a transformative initiative for the U.S., predicting it will generate over $5 billion annually for the economy and $500 million in tax revenue. The crypto market reacted positively, with SHIB price rising to $0.00002727, a 23% increase in 24 hours.

Kusama emphasizes the significance of presidential support for the project's success, asserting it would ensure prosperity and security for future generations.

Featured image from MDogsW, chart from TradingView