On 27th Feb, the dog-themed Shiba Inu hit the spotlight again when its price surged to hit 0.00001 surpassing its critical resistance level at 0.000009. The optimism surrounding the coin was high suggesting potential rally, after it managed to dodge the bearish market indicator. As of press time SHIB has surged to a staggering 34% in the past day, reaching the highs of $0.00001439 in just two days of cutting a zero.
SHIB is showing extremely bullish signs
Despite its lower ranking in the list of largest cryptocurrencies, SHIB is at its highest valuation since December 2023 and has outpaced ADA in terms of trading volume. In the past 24 hours, SHIB’s trading volume has soared to a staggering $1.5 billion, surpassing ADA’s $1.3 billion.
With its total market capitalization surging by 32% in recent months, the meme coin sector has also seen a significant uptrend. It is clear that investors are fervently interested in meme-inspired tokens, as trading volumes for these digital assets increased by 97%. SHIB is currently priced at $0.00001373, marking a significant increase of 27.15% in just one day, as per data from coin market cap.
At global level, the market cap stands at $2.32 trillion, marking a 6.63% rise in the past day. Over the last 24 hours, the total trading volume in the crypto market reached $203.28 billion, showing a significant increase of 116.13%.
Within the decentralized finance (DeFi) sector, the volume amounts to $14.6 billion, contributing to 7.18% of the total crypto market activity. Bitcoin’s dominance currently sits at 53.15%, reflecting a 0.82% increase throughout the day.
Recent development plans in Shiba Inu
In a related development, Shiba Inu plans to launch a new private network on top of Shibarium blockchain, aiming to enhance the value of SHIB tokens, according to a report by Coindesk.
Partnering with Zama, an open-source cryptography company, Shiba Inu will employ a privacy tool called Fully Homomorphic Encryption (FHE). In order to work with data on untrusted platforms, developers can use this tool. It does not require them to first decrypt the data on the platform.
SHIB token holders will be able to improve their on-chain privacy and protect their personal information. The new privacy layer will be powered by Shiba Inu’s ecosystem token, TREAT.
