Shiba Inu Price: The second largest meme coin in the cryptocurrency market has made big gains in the past 24 hours, with its price up 18.21% and trading volume up 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 by 18%
This breakout helped the price of Shiba Inu soar amid increased selling pressure. A break in this key barrier could target USD 0.000151 and if the breakout continues, strong support appears to be building at USD 0.0000108 in case SHIB price pulls back.
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 transfers of the meme altcoin can perform similarly to other privacy coins on the market, such as ZCash and Monero. As a result, the recipient of SHIB only sees the address of the dApp, without disclosing the personal wallet address of the sender during the transfer.
Shibarium Launch Behind the Price Hike?
The anticipated launch of an upcoming blockchain called “Shibarium” is one of the reasons behind the Shiba Inu price hike.
In a blog post, the developers of Shiba Inu wrote, “We are nearing the final touches on the beta of Shibarium and its imminent launch.” They also added, “Patience is key, and some see Shibarium as a tool to pump prices, but that’s not and never has been the focus of the project.”
Read also: Developer update on Shiba Inu’s Shibarium, is the date final?
DOGE and BONE in green
Other dog-related meme coins also witnessed the price increase. Dogecoin, the original Shiba Inu coin, is up 7.15% over the past week, and Shibarium’s gas token BONE, which saw a massive price surge in early January, is up 11.47% over the past 24 hours.
Also Read: Shiba Inu: List Of Crypto Projects That Could Skyrocket With The Launch Of Shibarium
Note: The opinion expressed here is not investment advice – it is provided for informational purposes only.
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