Shiba Inu (SHIB) Price Skyrockets 18%, Here’s Why

Shiba Inu Price: The second-largest meme coin in the cryptocurrency market has seen big gains in the past 24 hours, with its price surging by 18.21% and trading volume going up by 93.45%. Now it stands at $1,012,222,402. At the time of writing, SHIB is hovering at $0.00001414, finally breaking the $0.000011 to $0.000012 price range.

Shiba Inu Price Skyrockets 18%

This breakout helped Shiba Inu price jump amid the increased selling pressure. A break in this key barrier could target $0.000151 and if the breakout continues, strong support seems to be building at $0.0000108 in the event SHIB price retreats.

Source – CoinMarketCap

SHIB May Have Privacy Transactions

Shiba Inu has added a new feature that allows SHIB users to make anonymous transactions through the Bermuda Privacy dApp. This means that transfers of the meme altcoin can perform similarly to other privacy coins in the market such as ZCash and Monero. As a result, the recipient of SHIB only sees the address of the dApp, without disclosing the sender’s personal wallet address during the transfer.

Shibarium Launch Behind the Price Surge?

The anticipated launch of an upcoming blockchain called “Shibarium,” is one of the reasons for the Shiba Inu price surge.

In a blog post, Shiba Inu developers wrote, “We are approaching the finishing touches for Shibarium’s Beta and its imminent launch.” They also added that “Patience is key, and some see Shibarium as a price pumping tool, but that is not the project’s focus and never has been.”

Also Read: Developer Update On Shiba Inu’s Shibarium, Is Date Final?

DOGE and BONE in Green

Other dog-related meme coins have also witnessed the price rally. Dogecoin, the original Shiba Inu-themed coin, is up 7.15% in the past week and Shibarium’s gas token BONE, which saw a massive price surge at the beginning of January, is up 11.47% in the past 24 hours.

Also Read: Shiba Inu: List of Crypto Projects That May Skyrocket On Shibarium Launch

Note: The opinion expressed here is not investment advice – it is provided for informational purposes only.

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