In the last 24 hours, Shiba Inu (SHIB), the second largest meme coin, has taken off. The cryptocurrency has seen an uptick of up to 20 percent. So why did the Shiba Inu price increase? Here are the details…
Shiba Inu price skyrocketed: Here’s why
The second-largest cryptocurrency in the cryptocurrency market has seen huge gains in the last 24 hours, with its price increasing by 18.21 percent and trading volume by 93.45 percent. It now stands at $1,012,222,402. This breakout helped the Shiba Inu price rise amid increasing selling pressure. A break of this key hurdle could target $0.000151 and if the break continues, the strong support seems to rise at $0.0000108 if SHIB price declines. At the time of writing, the price of SHIB is changing hands at $0.000014.
Overall, Shiba Inu (SHIB) in early 2023 saw a 45 percent growth in January, providing a slight rebound in the market. This was largely attributed to the token burning and whaling movements that sparked interest among the altcoin meme community. Also, as we reported on Cryptokoin.com, the token on the Ethereum network is taking steps to increase its scalability.
Will SHIB be like Zcash?
Shiba Inu has added a new feature that allows SHIB users to make anonymous transactions through the Bermuda Privacy dApp. This means that meme coin transfers can perform similarly to other privacy coins in the market such as ZCash and Monero. As a result, the SHIB recipient only sees the dApp’s address during the transfer, without revealing the sender’s personal wallet address. Ring signature technology allows the sender to sign a message while maintaining anonymity, while confidential addresses allow the recipient to generate unique addresses for each transaction.
Thus, it prevents outside parties from monitoring the transfers. Unlike Monero, privacy-focused technologies are not available on the Shiba Inu. This cryptocurrency operates as a non-private entity on the Ethereum Blockchain with public transactions visible to anyone on the network. While the recent integration with the DApp offers a degree of anonymity for SHIB holders, it does require users to actively interact with the app to achieve this.
Shibarium is also one of the developments behind the rise
Also, the anticipated launch of “Shibarium” is one of the reasons for the Shiba Inu price increase. In a blog post, Shiba Inu developers wrote, “We are getting close to the finishing touches for the Beta version of Shibarium and its soon to be available.” He also added, “Patience is key and some see Shibarium as a price pump, but that is not the focus of the project and never has been.” This innovative development aims to solve the current challenges of slow transactions and high gas fees experienced by SHIB holders.
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