Shiba Inu Price Update: SHIB Rises 2% as Team Raises $12 Million for New Blockchain
Shiba Inu Price Rises by 2% as Team Raises $12 Million for New Blockchain
The Shiba Inu price has surged by 2% today, reaching $0.00002704, as the broader cryptocurrency market sees a 1% gain in the past 24 hours. This increase comes as Shiba Inu’s team of developers announced that they have secured $12 million in funding for their new privacy-focused layer-three blockchain.
Over the past week, SHIB has seen a 15% increase, with a significant portion of this growth occurring in the last couple of days following the funding news. While the coin is down by 1% in the past month, its impressive 163% increase over the past year indicates strong medium- and long-term momentum.
The positive momentum is expected to continue as more details about the new platform emerge, coupled with a bullish market sentiment that is likely to drive the coin’s price higher.
Technical indicators suggest that Shiba Inu is currently in a growth phase, with its 30-day average surpassing its 200-day average, signaling strong buying pressure. The relative strength index (RSI) is also on the rise, indicating a medium-term growth trend.
The recent spike in trading volume, which has surpassed $1 billion and remains at $800 million, can be attributed to the news of the $12 million funding round for the new blockchain. Investors in this round include Polygon Ventures, Mechanism Capital, Big Brain Holdings, and Shima Capital, among others.
The new layer-three blockchain, built on Shibarium, will feature privacy-enhancing technologies and introduce the TREAT token to the Shiba Inu ecosystem. This development underscores the project’s commitment to enhancing its utility beyond being a meme token.
Looking ahead, analysts predict that the Shiba Inu price could reach $0.00004 in the coming weeks, driven by the positive developments surrounding the project.
While Shiba Inu remains a strong player in the meme coin market, newer tokens like Dogeverse (DOGEVERSE) are also showing promising potential. Dogeverse, a multi-chain cryptocurrency, has raised over $9 million and will operate on multiple blockchains, enhancing its usability and demand.
With its deflationary tokenomics and staking capabilities, DOGEVERSE is poised for steady growth and could see significant price appreciation once it lists in the next few weeks. Investors can participate in the token sale on the official Dogeverse website, with 1 DOGEVERSE currently priced at $0.0003.
It’s important to note that investing in cryptocurrencies carries high risk, and individuals should conduct thorough research before making any investment decisions.
