‘Dogecoin Killer’ Shiba Inu Up 19% In 2 Days, Raises $12M For New Blockchain

Shiba Inu (CRYPTO: SHIB) has gained around 19% in just two days, and prominent cryptocurrency analysts remain optimistic that the meme coin’s price will recover to its previous highs in 2024.

what happened: Shiba Inu recently announced that it has raised $12 million by selling its privately held token, TREAT, to non-US venture capitalist investors. polygon ventures, mechanism capital, Animoka brand and Morningstar Ventures. The funding round closed earlier this month, with each tranche valued at $75 million, $100 million and $200 million, respectively, the people said. quoted Written by The Block.

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TREAT is Shiba Inu’s new privacy-focused layer 3 blockchain utility and governance token. This will be the last non-stable token in the Shiba Inu ecosystem, but the team plans to introduce another new token called Shi in late 2024.

In another development, a prominent Shiba Inu developer Karl Darya revealed Shibarium is said to have temporarily stopped due to network issues between validators. However, the network is currently back up and running.

Also read: ‘Dogecoin Killer’ Shiba Inu Whale’s trading surges 55%: ‘$100 billion by 2025’, crypto investors predict

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Shiba Inu has gained 19% in the past two days following the Bitcoin halving, pushing its gain over the past seven days to 15%.

Into the Block data Shiba Inu’s large transaction value jumped 56.71% to $82.5 million, highlighted by a 42.1% jump in daily active addresses to 9,580. Transactions over $100,000 also increased from 204 on April 20th to 230 on April 21st.

sibrium scan data shows that transaction fees suddenly spiked from 28.15 BONE on April 20th to 250.89 BONE on April 21st, and the average gasoline price jumped from 18.1 Gwei to 37.61 Gwei over the same period, and the Shibarium network shows widespread use.

Frequently followed cryptocurrency analysts Javon Marks I recently tweeted about a hidden bull divergence on the 9-hour technical chart. This suggests a 69% chance for Shiba Inu to recover to its 2024 high of $0.0000457.

what’s next: The impact of memecoins and Bitcoin as an institutional asset class is a topic expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19th .

Read next: Shiba Inu army cheers as burn rate spikes 172% and prices recover

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