Shiba Inu Surges 19% in 48 Hours, Raises $12M for Innovative Blockchain

Shiba Inu SHIB/USD has experienced a significant increase of approximately 19% within a span of two days, drawing optimism from crypto analysts regarding the meme coin’s potential price resurgence to its previous highs in 2024.

The recent development for Shiba Inu involves a successful fundraising effort where it raised $12 million by selling its upcoming token, TREAT, to venture capitalist investors outside the U.S. The investors included **Polygon Ventures**, **Mechanism Capital**, **Animoca Brands**, and **Morningstar Ventures**. This fundraising round, which concluded earlier this month, saw valuations of $75 million, $100 million, and $200 million across different tranches, as reported by sources familiar with the situation to The Block.

TREAT serves as the utility and governance token for Shiba Inu’s new privacy-centric Layer-3 blockchain. Additionally, the team has plans to introduce another token called Shi later in 2024, marking the final non-stable token from the Shiba Inu ecosystem.

In a separate incident, a temporary outage in Shibarium occurred due to networking issues among validators, as revealed by prominent Shiba Inu developer Kaal Dhairya. However, the network has since been restored and is operational.

Notably, Shiba Inu has seen a 19% surge over the past two days post the Bitcoin Halving, contributing to a total gain of 15% in the past week.

Data from IntoTheBlock indicates a notable 56.71% increase in Shiba Inu’s large transaction volume, amounting to $82.5 million, along with a 42.1% rise in daily active addresses to 9,580. Transactions exceeding $100,000 also saw an uptick from 204 on April 20 to 230 on April 21.

Analysis from Shibariumscan reveals a sudden rise in transaction fees from 28.15 BONE to 250.89 BONE on April 21, with the average gas price climbing from 18.1 Gwei to 37.61 Gwei during the same period, signaling heightened activity on the Shibarium network.

Renowned crypto analyst Javon Marks recently highlighted a Hidden Bull Divergence on the nine-hour technical chart, suggesting a potential 69% recovery for Shiba Inu to reach its 2024 highs of $0.0000457.

Looking ahead, the upcoming Future of Digital Assets event by Benzinga on Nov. 19 is expected to delve into the influence of meme coins and Bitcoin as an institutional asset class.

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