Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Shiba Inu (CRYPTO: SHIB) has gained around 19% in just two days, with notable crypto analysts remaining optimistic about the meme coin’s price recovery to previous 2024 highs.
What Happened: Shiba Inu recently announced that it has raised 12 million through the sale of its unreleased token, TREAT, to non-U.S. venture capitalist investors, including Polygon Ventures, Mechanism Capital, Animoca Brands and Morningstar Ventures. The fundraising round concluded earlier this month, with each tranche occurring at valuations of $75 million, $100 million, and $200 million, respectively, according to sources close to the matter cited by The Block.
TREAT is the utility and governance token of Shiba Inu’s new privacy-focused Layer-3 blockchain. While this will be the final non-stable token from the Shiba Inu ecosystem, the team plans to introduce another new token called Shi later in 2024.
In a separate development, prominent Shiba Inu developer Kaal Dhairya revealed that there was a temporary Shibarium outage caused by networking issues amongst the validators. However, the network is now back up and running.
Also Read: ‘Dogecoin Killer’ Shiba Inu Whale Transactions Spike 55%: ‘$100B By 2025,’ Predicts Crypto Investor
Why It Matters:
Over the past two days following the Bitcoin Halving, Shiba Inu has gained 19%, pushing its past seven-day gains to 15%.
IntoTheBlock data highlights a surge of 56.71% in Shiba Inu’s large transaction volume to $82.5 million, while daily active addresses spiked 42.1% to 9,580. Transactions greater than $100,000 also increased from 204 on April 20 to 230 on April 21.
Shibariumscan data shows a sudden spike in transaction fees from 28.15 BONE on April 20 to 250.89 BONE on April 21, with the average gas price surging from 18.1 Gwei to 37.61 Gwei during the same period, indicating extensive usage of the Shibarium network.
Heavily followed crypto analyst Javon Marks recently tweeted about a Hidden Bull Divergence on the nine-hour technical chart, which suggests a potential 69% recovery for Shiba Inu back to its 2024 highs of $0.0000457.
$SHIB (Shiba Inu)'s 9H Prices have been some of the recent confirming a Hidden Bull Divergence also, and can be this indication can be suggesting a +69% recovery back to its 2024 Highs ($0.0000457) and that may only be pre-continuation.With a larger breakout target at… https://t.co/TUj9NYY4N4 pic.twitter.com/ReIi8FhOEf
— JAVON⚡️MARKS (@JavonTM1) April 21, 2024
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Shiba Inu Army Cheers As Burn Rate Soars 172%, Price Rebounds
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