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In early 2023, Shiba Inu (SHIB) saw 45% growth in January, leading to a slight market recovery. This was largely attributed to the token burns and whaling moves that have generated interest among the altcoin meme community. Furthermore, the token on the Ethereum network is taking steps to increase its scalability.
The Shiba Inu ecosystem is set to undergo a major overhaul with the introduction of Shibarium, a Layer 2 solution. This innovative development aims to resolve the current challenges of slow transactions and high gas fees experienced by SHIB holders. The dynamic crypto market continues to bring exciting updates for the canine-themed token.
Shiba Inu may have privacy transactions
Shiba Inu has added a new feature to its offering — the ability to make anonymous transactions through the Bermuda Privacy dApp. When using the decentralized app, transfers of the meme altcoin can be made from your wallet to Bermuda's smart contract, which then executes the transfer to the desired wallet. As a result, the recipient of SHIB only sees the address of the dApp, not the sender's.
This development is of great significance to the Shiba Inu community, particularly to investors who prioritize financial privacy. Ensuring anonymity is a crucial aspect of maintaining freedom and security. In the blockchain industry, a lack of anonymity can lead to several issues, such as fraud, identity theft and privacy violations, similar to traditional markets.
But now Shiba Inu has privacy like Monero?
Actually, no Monero (XMR) is a cryptocurrency that prioritizes privacy and security through its use of cutting-edge anonymity technologies such as ring signatures and stealth addresses. Unlike other cryptocurrencies that allow for transparent transactions, Monero's ring signatures and stealth addresses conceal the identity of both the sender and recipient, as well as the value of the transaction, providing an additional layer of privacy.
The ring signature technology enables a sender to sign a message while preserving their anonymity, while stealth addresses allow a recipient to create unique addresses for each transaction, thereby hindering outside parties from tracing transfers.
In contrast to Monero, the privacy-focused technologies are not present in Shiba Inu. This cryptocurrency operates as a nonprivate asset on the Ethereum blockchain, with public transactions that can be seen by anyone on the network. While the recent integration with the dApp offers some degree of anonymity for SHIB holders, it still requires users to actively engage with the app to achieve this. In comparison, Monero offers privacy as a default feature, without the need for any additional steps, making it a more secure option for individuals seeking to keep their financial activities private.
Despite this, it is noteworthy to observe the growing interest in a cryptocurrency that initially started as a meme. This trend reinforces Shiba Inu's position on the cryptocurrency market, even if its price does not reflect these developments at present.