- Shiba Inu has garnered a massive upswing over the past week.
- Shiba Inu partners with Zama to implement “FHE” into the SHIB ecosystem.
Shiba Inu (SHIB) has been celebrating the bullish resurgence. Over the past week, it was one of the leading memecoins as it has seen over a 25% uptick. This dog-themed memecoin gained a strong upsurge amid the recent development in the ecosystem.
Fueled by the rising optimism, SHIB price has escaped an eight-month correction phase. It marked a fresh breakout on the chart. Over the past eight months, it has struggled to hold gains and is somewhat called “historically bearish.”
However, a falling channel breakout was observed. The Ethereum-based memecoin was ready for a significant upsurge in the coming sessions.
Shiba Inu’s Tactical Plan For Sustained Market Growth
Shiba Inu, in particular, has proved relevant in the cryptocurrency industry, being the second memecoin after Dogecoin. Usually, memecoins, launched for entertainment and sharing personalities and jokes, are self-liquidating when there are no fundamental values.
However, for SHIB, the coin has earned its confidence apart from mere jokes. It has become a significant cryptocurrency competitor.
Shiba Inu was changing hands at $0.00001844 at press time. It boasts a market cap of $10.87 Billion.
Data from Shibburn showed that the SHIB burn rate surged over 68.87% in the last 24 hours. Typically, an increased burn rate reduces supply and can boost the price. As of now, nearly 8,812,950 tokens have been burned.
The recent price surge of Shiba Inu indicated growing demand. This, combined with new developments, a rising burn rate, and pattern breakout, could further boost SHIB’s value.
Shiba Inu Price Analysis: Is a Bull Rally Looming?
A falling channel breakout was spotted on the daily charts, and the memecoin retested the breakout region yesterday. The ongoing structure gives an idea about the bull rally ahead.
SHIB Price by TradingView.com
Considering the bullish outlook, a daily close above $0.00002000 would validate the bullish momentum and unlock a bull rally next. Data from Messari highlighted that Shiba Inu’s Sharpe Ratio reverted sharply and turned positive over the last two weeks.
The ratio has improved to 3.84; a positive Sharpe ratio suggested a favorable risk-to-reward scenario and a bullish sentiment among investors. Also, the SHIB price climbed above the key EMAs, guiding cues of a trend reversal.
Shiba Inu’s Latest Alliance: What It Means For the Future?
Shibarium’s Marketing Strategist, Lucie, disclosed that Shiba Inu signed a deal with the open-source cryptography firm Zama.
As stated by Lucie, the integration will include “Fully Homomorphic Encryption (FHE)” into the SHIB ecosystem. This is done primarily by optimizing the layer-2 solution of the memecoin’s ecosystem, hence improving its capacity.
Apart from FHE, Lucie also teased the launch of “Shib The Metaverse,” a virtual playground for the ecosystem. As she said, the new space will act as a hub for creating shared content and ideas once it is launched.
As the U.S Federal Reserve cuts the interest rates, investors are turning their interest to the memecoin sector. The sector may post a sharp spike in the coming sessions if the bullish sentiment persists.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
