The cryptocurrency Shiba Inu (SHIB) has registered a substantial increase, coinciding with Bitcoin‘s brief breach of the $64,000 mark, a milestone not seen for over two years. The memecoin reached a multiple-month peak of $0.00001473, concluding its sixth straight day of gains since February 24th with positive movement.
Wallets Heap Up on Shiba Inu Amid Price Surge
The price of SHIB soared by 25% in the last 24 hours, trading at $0.00001365. Concurrently, its trading volume rocketed by 114%, amassing a staggering $2 billion. On-chain analytics reveal a burgeoning investor interest in SHIB, noting substantial purchases by 86,470 wallet addresses within the $0.000013 to $0.000019 price range, amassing an average of $0.000016. These addresses acquired a combined total of 415.67 trillion SHIB.
Data from IntoTheBlock highlights a dramatic 700% uptick in SHIB’s large transaction volumes, indicating that the price spike is accompanied by significant investments from high-net-worth individuals.
Launch of a New Privacy-Centric Network for Shiba Inu
In another development that catalyzed investor enthusiasm, the Shiba Inu community has unveiled plans for a privacy-centric network on Shibarium, a Layer 2 solution. This initiative seeks to bolster SHIB’s allure as more than just a memecoin. Partnering with cryptography firm Zama, Shiba Inu’s team plans to implement Fully Homomorphic Encryption (FHE) to allow developers to work with encrypted data without exposing sensitive information.
The creation of this privacy-centric network underscores Shiba Inu’s commitment to innovation and its aspiration to elevate SHIB’s status in the crypto ecosystem by integrating cutting-edge security and privacy functionalities.