Shiba Inu Frenzy: What's Behind the Soaring Prices and Will it Last?

Shiba Inu Frenzy: What’s Behind the Soaring Prices and Will it Last?

Shiba Inu (SHIB), the second largest meme coin, which has been growing rapidly lately, has shown a remarkable upward trend in recent days. What was the main reason why the value of the cryptocurrency increased by up to 20%? We have examined in detail the reasons that increase the cost of a Shiba Inu for you. Here are the details:

The first reason for the increase in Shiba Inu prices.

In the last twenty-four hours, the second largest coin on the cryptocurrency market saw a significant increase in price and trading volume. It currently stands at $1,012,222,402. This increase seems to have caused the price of Shiba Inu to rise despite increased selling pressure. 

According to market analysts, a break of this important barrier could target $0.000151, and if the break holds, it is almost certain to form significant support at $0.0000108.

It was expected since the beginning of the year!

In January 2023, the market for Shiba Inu (SHIB) increased by 45 percent, indicating a small upswing of this coin at the beginning of 2023. The main reason for this was the token burning and whaling campaigns, which attracted the interest of the altcoin meme community. Moreover, according to our research, the Ethereum network token is also seen as an important option for you to increase scalability.

Will we experience in Shiba Inu what we experienced in Zcash?

Will we experience in Shiba Inu what we experienced in Zcash?

We know that Shiba Inu has developed a new feature that will allow SHIB users to make anonymous transactions using the decentralized application Bermuda Privacy. This means that transfers of shib units can work similarly to other privacy coins on the market, such as ZCash and Monero. 

As a result, the SHIB recipient will only see the address of the dApp throughout the transfer and not the wallet address of the sender. While ring signature technology allows the sender to sign a message while remaining anonymous, secret addresses allow the recipient to create a separate address for each transaction.

This prevents third parties from monitoring transfer activity. Unlike Monero, Shiba Inu does not have privacy-focused technology. This coin operates as a public asset on the Ethereum blockchain and all transactions are visible to all network participants. While the final connection to the DApp provides SHIB holders with some level of anonymity, users must actively interact with the application to achieve this.

What are the differences with Shibarium?

In addition, one of the reasons for Shiba Inu’s price increase is the expected release of “Shibarium.” “We are nearing the completion of the beta version of Shibarium and its imminent release,” Shiba Inu’s creators said in a blog post. “Patience is very important, and some see Shibarium as a tool to increase prices, but that was never the goal of the project,” they added. This innovation aims to solve the problems of delayed transactions and excessive gas costs faced by SHIB owners.

For now, it seems that it is not possible to say that there is a clear answer to these question marks. Nevertheless, it may be possible to wait and see the movements of the coin clearly in the near future.

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