Last updated:

April 22, 2024 11:58 EDT
| 3 min read

The price of Shiba Inu has increased by 2% today, reaching $0.00002704, while the broader cryptocurrency market has shown a 1% gain in the last 24 hours.

Over the past week, SHIB has surged by 15%, with a significant portion of this growth occurring in the recent days following the announcement that the developers of Shiba Inu have secured $12 million in funding for their new privacy-focused layer-three blockchain.

Although the coin has experienced a 1% decrease in the past month, its remarkable 163% surge over the last year indicates strong medium- and long-term momentum.

As the news about its new platform continues to circulate, and with a market that is increasingly optimistic, the momentum behind Shiba Inu is expected to grow further, potentially boosting its price.

Shiba Inu Price Prediction: Can \(10 SHIB Be Expected as the Team Raises \)12 Million for Its New Blockchain?

The current chart of SHIB suggests a significant growth phase, with its indicators showing a bullish trend that has been sustained today.

The 30-day average (orange line) surpassed the 200-day average (blue line) over the weekend and is on a continuous upward trajectory, indicating strong buying pressure.

Similarly, the relative strength index (RSI) of SHIB (purple line) is approaching 70 again after hitting 80 yesterday and experiencing a slight dip late last night.

The quick recovery of the RSI after a minor correction is a positive sign, suggesting that the coin is amidst a medium-term growth trend.

Moreover, SHIB’s trading volume has exceeded \(1 billion and currently stands at \)800 million, marking a 100% surge from its level on Saturday.

The primary reason for this surge is the recent announcement of a $12 million raise for Shiba Inu’s new layer-three chain.

The funding has been provided by a diverse group of investors including Polygon Ventures, Animoca Brands, Stake Capital, Mechanism Capital, Big Brain Holdings, Shima Capital, Morningstar Ventures, Woodstock Fund, DWF Ventures, and Comma 3 Ventures.

This wide array of investors reflects a high level of confidence in the new chain, which will be constructed on Shibarium and will incorporate various privacy-enhancing features, including homomorphic encryption technology from Zama.

Additionally, it will introduce its own TREAT token, serving as the final non-stablecoin token in the Shiba Inu ecosystem.

This development underscores the notion that Shiba Inu is evolving beyond a typical meme token, with its developers actively enhancing its utility in recent times, such as the launch of Shibarium last year.

All these advancements are expected to positively impact the price of Shiba Inu, potentially propelling it to $0.00004 in the coming weeks.

Potential Upside for Newer Meme Tokens

While SHIB remains a prominent meme coin in the market, several newer meme tokens show promising potential alongside it.

Among these, Dogeverse (DOGEVERSE) stands out, a multi-chain cryptocurrency that has raised over $9 million in its initial sale.

Dogeverse is set to operate on Ethereum, BNB Chain, Solana, Avalanche, and Base, becoming the first multi-chain Doge-themed cryptocurrency in the market.

This multi-chain functionality is highly advantageous for the coin, as it expands its potential applications across various apps and platforms, thereby increasing its demand and price. Additionally, its deflationary tokenomics, with a capped supply of 200 million tokens, further bolsters its price.

DOGEVERSE will also offer staking opportunities, which is expected to drive demand and reduce a significant portion of its token supply from circulation.

In the foreseeable future, DOGEVERSE could experience steady and substantial growth, with interested individuals able to participate in the sale by visiting the official Dogeverse website.

Currently priced at $0.0003 per token, the value of 1 DOGEVERSE may appear remarkably low once the token is listed in the upcoming weeks.

Invest in DOGEVERSE Today

Disclaimer: Cryptocurrency investments are high-risk. This content is for informational purposes only and should not be considered as investment advice. Capital loss is a possibility.