- Shiba crypto snatched 37% weekly profits in a meme coin-led bull rally.
- Shibariumโs Layer-3 version to support Fully Homomorphic Encryption.
- Technical analysis suggests a similar setup to Shiba Inuโs all-time run.
Shiba Inu (SHIB) enjoyed a smooth ride to new monthly heights last weekend. Repeatedly hitting a new 30-day peak at $0.00002135 on September 27 and then $0.00002136 the next day, Shiba embarked on a 37% rally in a week.
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However, SHIB faced a challenge in a swift market correction on Monday, as the leading digital asset, Bitcoin (BTC), tumbled to $63K. Slumping back to $0.0000184 in a 6.2% daily drop, Shiba Inu also saw a calming period in trading volume, dropping to $821 million after claiming several billion in consecutive days.
SHIB Rectangle Due for Price Breakout?
Crypto analysts are measuring the potential of Shiba Inu reclaiming its yearly heights at $0.000044, fetched in springโs meme coin-led bull rally. Previously, SHIB soared to an all-time peak of $0.00008616 on October 28, 2021. Nearly three years later, SHIB is attempting to break out of a long-term rectangle.
According to Easycharts, the 44,000% spark in 2021 coincides with the 2.618 level on the Fibonacci Retracement tool, which signifies similar potential in the next bull cycle. For this to occur, SHIB would have to break past the 0.786 Fibonacci levels, depicted in light blue. This encompasses a SHIB price range starting from $0.00005 and going up to eat a zero.
Shibaโs Crypto Chain Gets FHE Treatment
As the SHIB price rollercoaster unfolds, Shibariumโs team struck a new deal with Zama.ai, a company thatโs set to introduce Fully Homomorphic Encryption (FHE) on Shiba Inuโs upcoming Layer-3 chain. This technology can mask sensitive data on the blockchain, such as non-fungible token (NFT) identification and crypto wallet numbers.
The cutting-edge FHE technology allows complex computations on the cloud, allowing pool data analysis while safeguarding individuals’ private data. This revolves around confidential smart contracts that can be signed without giving away confidential information and encrypted cross-chain key signatures.
Zama.ai, the open-source cryptography company specializing in FHE, is set to bring this innovation in Shibariumโs Layer-3 version, which is yet to launch later this year. The initial funding round netted $12 million for Shibarium Layer-3 in April 2024.
The deal involved major names, including support from Polygon Ventures, Animoca Brands, Shima Capital, Morningstar Ventures, Stake Capital, Comma 3 Ventures, and Woodstock Fund. The investors received a prescription for Shiba Inuโs upcoming TREAT token, which is set to power the L3 chainโs governance and add some utility to Shibarium.
On the other hand, SHIB.ioโs marketing lead confirmed that Bone ShibaSwap (BONE) will remain used on Shibarium as the official gas fee token regardless of the version. As SHIB tacked on to the 37% seven-day rally, BONE grew by 16% but was rejected at $0.5176 and succumbed to an above 6% market correction on Monday.
On the Flipside
- Despite many mimicking counterfeit meme coins stating otherwise across socials, Shibariumโs fourth token, TREAT, hasnโt launched yet.
- As Mondayโs crypto market correction hits, Shiba Inu cryptoโs holders in profit are back below 50%, potentially inducing SHIB sell pressure.
Why This Matters
The support of Fully Homomorphic Encryption (FHE) on Shiba Inuโs blockchain is potentially setting a new security standard for blockchain data analysis.
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