The Shiba Inu price has increased by 2% today, reaching $0.00002704, as the broader cryptocurrency market also sees a 1% gain in the past 24 hours. Over the past week, SHIB has risen by 15%, with a significant portion of this increase occurring in the last couple of days. The coin has experienced a 163% surge over the past year, showcasing medium- and long-term positive momentum. This momentum is expected to grow as news about its new privacy-focused layer-three blockchain platform spreads, coupled with an increasingly bullish market sentiment that will likely further boost the coin’s price.
The chart for SHIB indicates a strong growth trend, with indicators showing bullish momentum. The 30-day average has surpassed the 200-day average, signaling solid buying pressure. Additionally, the relative strength index (RSI) is on the rise, approaching 70 after briefly reaching 80 and then experiencing a minor dip. The substantial trading volume of over $1 billion, with $800 million maintained today, represents a 100% increase since Saturday. The recent spike in volume is primarily attributed to the $12 million funding announcement for Shiba Inu’s new layer-three chain.
Shiba Inu has raised $12 million through the $TREAT token for the development of its privacy-focused Layer 3 blockchain. Notable investors backing this project include Polygon Ventures, Mechanism Capital, Big Brain Holdings, and Shima Capital. The new chain, built on Shibarium, will incorporate privacy-enhancing features and homomorphic encryption technology from Zama. It will introduce a new TREAT token, becoming the final non-stablecoin token in the Shiba Inu ecosystem. These developments underscore the coin’s evolving utility beyond a meme token, which is expected to drive the Shiba Inu price higher, potentially reaching $0.00004 in the near future.
While Shiba Inu remains a prominent meme coin in the market, newer meme tokens are also emerging with significant upside potential. Dogeverse (DOGEVERSE) is a multi-chain cryptocurrency operating on Ethereum, BNB Chain, Solana, Avalanche, and Base, making it the first multi-chain Doge-themed crypto. The ability to transact across multiple chains enhances its usability and application across various platforms, boosting demand. With a capped supply of 200 million tokens, DOGEVERSE is set for deflationary tokenomics and open staking, which is expected to further increase demand and reduce circulation. Early investors can participate in the sale by visiting the official Dogeverse website, acquiring DOGEVERSE at a current price of $0.0003, with potential for substantial growth once listed in the coming weeks.
It is important to note that investing in cryptocurrency carries high risk and should be approached with caution. This information is provided for informational purposes and does not constitute investment advice. Potential investors should conduct thorough research and consider their risk tolerance before investing in volatile assets such as cryptocurrencies.
