The Shiba Inu price has risen by 2% today, moving to $0.00002704 as the wider cryptocurrency market posts a 1% gain in the past 24 hours.

SHIB is now up by 15% in the past week, with much of this coming in the past couple of days, following the news that Shiba Inu’s team of developers has raised $12 million in funding for its new privacy-focused layer-three blockchain.

And while it remains down by 1% in the past month, the coin’s 163% increase over the past year shows that it has medium- and long-term momentum on its side.

Such momentum is likely to increase as the news surrounding its new platform filters out, with an increasingly bullish market also likely to boost the coin’s price.

Shiba Inu Price Prediction as Team Raises $12 Million For Its New Blockchain – $10 SHIB Incoming?

SHIB’s chart gives the strong impression that the coin is in the middle of a growth spurt, with its indicators recently climbing and remaining bullish today.

Its 30-day average (orange) climbed over its 200-day average (blue) over the weekend and is continuing to move higher, signalling solid buying pressure.

Source: TradingView

Likewise, SHIB’s relative strength index (purple) is rising towards 70 again after reaching 80 yesterday and then dipping late last night.

That the RSI has quickly recovered after a little correction is a bullish sign, suggesting that the coin is in the middle of a medium-term growth phase.

Indeed, SHIB’s trading volume passed $1 billion and remains at $800 million today, representing a 100% increase over its level on Saturday.

The main reason for this spike is that, as mentioned above, Shiba Inu has announced a raise of $12 million for its new layer-three chain.

#Shiba Inu has raised $12 million via the $TREAT token to develop its new privacy-focused Layer 3 blockchain

Investors include Polygon Ventures, Mechanism Capital, Big Brain Holdings and Shima Capitalhttps://t.co/fsavuomRCe

— Ajay Kashyap (@EverythingAjay) April 22, 2024

The funding comes from Polygon Ventures, Animoca Brands, Stake Capital, Mechanism Capital, Big Brain Holdings, Shima Capital, Morningstar Ventures, Woodstock Fund, DWF Ventures, and Comma 3 Ventures.

This broad selection of investors signals considerable confidence in the new chain, which will be built on Shibarium and will feature various privacy-enhancing features, incorporating homomorphic encryption technology from Zama.

It will also come with its own TREAT token, which will be the last non-stablecoin token in the Shiba Inu ecosystem.

This news underlines the growing sense that Shiba Inu is more than a run-of-the-mill meme token, with its developers working hard to improve its utility in recent years (e.g. last year’s launch of Shibarium).

This will all benefit the Shiba Inu price, which could hit $0.00004 in the next few weeks.

Newer Meme Tokens Could Show More Upside Potential

SHIB remains one of the strongest established meme coins in the market, but it isn’t the only such coin will strong potential.

There are also various newer examples with lots of promise, with some of these holding presales that will help them gain momentum prior to listing.

Any list of such coins would probably include Dogeverse (DOGEVERSE), a multi-chain cryptocurrency that has raised over $9 million in its sale.

#DOGEVERSE on the #Avalanche Chain!

Advantages:
Avalanche’s swift confirmations boost the token’s usability
Manages large transaction volumes, easing congestion

Disadvantages:

Over-reliance might impact decentralization
Interoperability brings new potential risks pic.twitter.com/X5haF9tKnV

— DogeVerse (@The_DogeVerse) April 22, 2024

Dogeverse will operate on Ethereum, BNB Chain, Solana, Avalanche and Base, becoming the first multi-chain Doge-themed crypto in the market.

This is extremely bullish for the coin, since the ability to use it on multiple chains could mean that it finds application on many more apps and platforms than it would have otherwise found.

In turn, this will boost demand for the coin, with its price also receiving help from its own deflationary tokenomics, with the token’s supply capped at 200 million.

It’s also bullish that DOGEVERSE will be open to staking, something which should raise demand further and take a significant portion of its supply out of circulation.

Over time, we could therefore see DOGEVERSE rise steadily and substantially, with newcomers able to join its sale now by going to the official Dogeverse website.

1 DOGEVERSE currently costs $0.0003, a price which may end up seeming exceedingly low once the token lists in the next few weeks.

Buy DOGEVERSE Today

The post Shiba Inu Price Prediction as Team Raises $12 Million For Its New Blockchain – $10 SHIB Incoming? appeared first on Cryptonews.