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Shiba Inu dev proposes crypto strategic hub in the US, SHIB pumps 40%

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Shiba Inu has surged following lead developer Shytoshi Kusama’s proposal for a strategic blockchain innovation hub in the U.S.

The announcement coincided with a major price pump for Shiba Inu (SHIB).

Shiba Inu developer shares vision

Kusama unveiled an ambitious proposal to establish a “Silicon Valley for crypto” just days before the U.S. presidential election.

The proposed strategic hub is estimated to cost several billion dollars. This plan aims to position the U.S. as a global leader in blockchain innovation.

Kusama stated:

“Not just for Shib, but as a way to have a Silicon Valley for crypto, I proposed this in hopes that the United States would move forward with embracing innovation and, in doing so, catch up to the rest of the world.”

Shiba Inu pumps 40%

The market responded enthusiastically to the proposal. SHIB’s price reached $0.00002727 a 40% increase in 24 hours.

The token’s trading range pumped from $0.00001925 to $0.00002768, while weekly gains exceeded 65%.

Shiba Inu dev proposes crypto strategic hub in the US, SHIB pumps 40% - 1
Source: CoinGecko

Despite the impressive surge, SHIB remains 68% below its all-time high of $0.00008616 from October 2021.

The recent surge cannot be directly attributed to Kusama’s proposal. One of the major reasons could be the overall crypto-bullish market conditions.

The Shiba Inu foundation plans to officially present the proposal to the incoming administration, suggesting that funds gathered through their D.O.G.E. initiative could support these innovations.

“This is a chance to let the world know we are still here, our technologies to be adopted, and proof that our innovations will benefit the globe,” Kusama emphasized.



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Altcoins

Analyst Outlines Massive Price Targets for Dogecoin, Predicts Parabolic Rally for Ethereum-Based Altcoin

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A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) is poised to spark massive rallies, en route to astronomical fresh all-time high levels.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE appears to be trading in a large ascending channel on the weekly chart.

An ascending channel is typically seen as a bullish structure as it suggests that an asset is printing higher highs and higher lows.

According to Martinez, Dogecoin looks to be gearing up for fireworks after respecting the diagonal support of the channel.

“A test of the middle or upper boundary of the channel puts Dogecoin DOGE at $2.40 or $18!” 

Image
Source: Ali Martinez/X

At time of writing, DOGE is trading for $0.383, suggesting a potential rise of 526% if the coin hits the trader’s first target and about 6,000% if it reaches Martinez’s second target.

Next up, the trader has his radar locked on the native asset of the Ethereum (ETH) scaling solution Optimism (OP). According to Martinez, OP appears to be mirroring a pattern that led to parabolic rallies last year.

“Optimism OP has a history of forming market bottoms with ascending triangles, often followed by rallies to the 1.618 Fibonacci retracement level. Today, we’re seeing a similar setup, pointing to a bullish target of $7.20 for OP – a potential 340% gain.”

Image
Source: Ali Martinez/X

At time of writing, OP is worth $1.68.

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Polymarket CEO probed by FBI after Trump’s triumph

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Federal agents from the FBI seized mobile devices owned by Polymarket Shayne Coplan after users on his Polygon-based correctly predicted Donald Trump’s victory.

The New York Post reported that Federal Bureau of Investigation officers impounded Coplan’s devices during a 6 AM search at his Soho property on Nov. 13. A source with intimate knowledge of the matter reportedly said Polymarket’s CEO was woken by FBI agents but not given reasons for the probe.

Coplan has not made a public statement regarding the incident and has remained relatively inactive on X since his victory lap following the election results.

What the unnamed source described as “grand political theater at its worst” came a week after Republican Donald Trump defeated Democrat Kamala Harris in the presidential electoral polls. Polymarket users traded over $3 billion on who would win. Odds on the platform suggested Trump would emerge on top weeks before the election, raising eyebrows in the U.S.

The FBI’s bust could be an inquiry into Polymarket’s operations, the source told the NYP. If true, executives at companies like Kalshi and Robinhood may be next on the Fed’s list. Kalshi launched its event contract for the presidential race after beating the Commodity Futures Trading Commission in court. Robinhood followed later with its own event market.

Presidential betting contracts were all the rage during this year’s election cycle. Data from these venues were constantly compared against national polls. They sometimes received backlash for supposed wash trading and were accused of being influenced by either party.

Skepticism came to a head when a New York Times article said Polymarket’s contracts were manipulated by a large pro-Trump user. The whale, revealed to be a French national, clarified that his big bets were based on voting patterns and encouraged by skewed national polling data.

Theo4 bagged $79 million across four accounts as Polymarket users accurately predicted a Trump victory. Coplan’s company rose even higher in the mainstream spotlight as a venue for accurate user-driven outcomes for real-world events.

The prominence brought a new wave of scrutiny of Polymarket. As crypto.news reported, the French government threatened to ban Coplan’s site and block users from betting on the French elections.



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Argentina

How a $115M Crypto Fund With Big Ambitions Plans to Invest In Latin America

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One of the biggest roadblocks in converting Latin American investors to concept of crypto, is education about the sector. Cryptocurrencies, which don’t have a physical existence like gold or cash, can be a difficult concept for investors to grasp. “Latin American investors are still very traditional,” she added. “They tell me they only invest in things that they can stand on, or things they can touch. We’re trying to change that mentality… we need to prove to them that these technologies actually work.”



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