Why Shiba Inu Bumped Higher on Wednesday
Key Points
If implemented effectively, it should benefit all manner of crypto developers.
That includes the oft-maligned meme coin segment, home of Shiba Inu.
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Shiba Inu (CRYPTO: SHIB) hasn't always been a popular animal with investors. Like other meme coins, it has been dogged by a reputation as a less-than-serious investment with less utility than other digital monies. On Wednesday, though, it was pulled up by a general rally in all manner of cryptocurrencies. This was due in no small part to a new push from the White House.
Trump card played
Wednesday saw President Trump make one of his frequent proclamations, and this one directly affects cryptocurrencies.
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Image source: Getty Images.
The White House announced that Trump called on both hyperscalers and artificial intelligence (AI) companies to secure all the energy necessary, via new generating capacity, for the build-out and operation of data centers. He added that they should be "paying the full cost of their energy and infrastructure, no matter what."
Further, as part of the pledge, those companies should promise to refrain from effectively passing the costs to consumers through rate hikes. On top of that, such businesses are expected to find ways to lower consumer electricity costs over the long term through various means.
A powerful ally
The Pledge has already been signed by no fewer than seven major tech companies, including Alphabet, Microsoft, Meta Platforms, and OpenAI, the developer of ChatGPT.
It benefits cryptocurrencies because it creates a roadblock to anti-crypto mining legislation, which often seeks to address the impact of data center build-outs on ordinary citizens (particularly those struggling to cope with rising costs).
This initiative bolsters the Trump team's reputation as a crypto-friendly administration, so we can expect more top-down efforts to support digital coinage. These should benefit meme coins as well as their more "serious" peers.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Meta Platforms, and Microsoft. The Motley Fool has a disclosure policy.
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