u.today
Dog-themed cryptocurrency Shiba Inu (SHIB) might be on the verge of regaining its position among the top 10 cryptocurrencies by market capitalization following an impressive 25% rise in value over the past week.
With its uptick in value, Shiba Inu is inching closer to the 10th spot currently held by Cardano (ADA), which has a market capitalization of $17.7 billion.
Shiba Inu currently ranks as the 11th largest cryptocurrency, with a market capitalization of $16 billion. According to current data, Shiba Inu may need to increase its market capitalization by $1.7 billion to retake 10th rank.
At the time of writing, SHIB was up 3.30% in the last 24 hours to $0.00002724. SHIB was up 25.43% in seven days.
Shiba Inu has steadily risen from a low of $0.00002 on April 19 to a high of $0.000028. The coin's advance could have been aided by a broader upturn in the cryptocurrency market, which has seen cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) rebound to recently tested highs.
Shiba Inu revealed at the start of the week that it has raised a whopping $12 million from major VC partners to launch its Fully Homomorphic Encryption (FHE) blockchain developed in collaboration with Zama, which will be powered by the upcoming TREAT token.
FHE enables computations on encrypted data and has the potential to transform crypto's privacy and trust. It would be a major game-changer for how personal and financial information are handled.
The innovation signals the potential for future growth in the ecosystem and has been hailed as a major milestone by Shytoshi Kusama, Shiba Inu's pseudonymous project lead.
Shiba Inu team member Lucie outlines what is planned for Shibarium in 2024-2025 in a tweet: ShibaSwap (version 1.75, followed by 2.0), Shibahub, Treat, ShibaEternity P2E, Shiba Inu metaverse, K9finance, Liquid Staking and layer-3 testnet. Furthermore, fully functional DAOs will be available for all tokens in the Shiba ecosystem.