Shiba Inu (SHIB), a digital currency with a dog theme, could soon rejoin the ranks of the top 10 cryptocurrencies based on market capitalization, thanks to a noteworthy 25% price increase over the last seven days.
Shiba Inu’s value increase brings it nearer to overtaking Cardano (ADA) in the top 10 cryptocurrencies, with a market cap of $17.7 billion at present.
With a market value of around sixteen billion dollars, Shiba Inu is now the eleventh largest cryptocurrency. Based on present figures, for Shiba Inu to reclaim the tenth spot, it would need to grow its market capitalization by roughly an additional 1.7 billion dollars.
Currently, SHIB has increased by 3.30% over the past 24 hours and is now priced at $0.00002724. Over the last week, SHIB has experienced a significant gain of 25.43%.
Shiba Inu‘s price has climbed steadily from a low of $0.00002 on April 19 up to a peak of $0.000028. This growth may have been boosted by the overall improvement in the cryptocurrency market, with Bitcoin (BTC) and Ethereum (ETH) both recovering to previous highs.
At the beginning of the week, Shiba Inu announced that they had successfully secured $12 million in funding from prominent venture capitalists. This investment will be used to introduce their new Fully Homomorphic Encryption (FHE) blockchain, developed in partnership with Zama. The operation of this upcoming platform will be facilitated by the TREAT token.
FHE allows calculations to be performed directly on encrypted data, offering the possibility of revolutionizing privacy and trust in cryptography. This could significantly alter the way we manage personal and financial information.
Shytoshi Kusama, the anonymous leader of Shiba Inu project, has praised the innovation as a significant achievement that could foster expansion in the ecosystem and pave the way for future progress.
Shiba Inu team member Lucie outlines what is planned for Shibarium in 2024-2025 in a tweet: ShibaSwap (version 1.75, followed by 2.0), Shibahub, Treat, ShibaEternity P2E, Shiba Inu metaverse, K9finance, Liquid Staking and layer-3 testnet. Furthermore, fully functional DAOs will be available for all tokens in the Shiba ecosystem.
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2024-04-24 18:22