Shiba Inu Price Prediction as Team Raises $12 Million For Its New Blockchain – $10 SHIB Incoming?
The Shiba Inu price has risen by 2% today, moving to $0.00002704 as the wider cryptocurrency market posts a 1% gain in the past 24 hours.
SHIB is now up by 15% in the past week, with much of this coming in the past couple of days, following the news that Shiba Inu’s team of developers has raised $12 million in funding for its new privacy-focused layer-three blockchain.
And while it remains down by 1% in the past month, the coin’s 163% increase over the past year shows that it has medium- and long-term momentum on its side.
Such momentum is likely to increase as the news surrounding its new platform filters out, with an increasingly bullish market also likely to boost the coin’s price.
SHIB’s chart gives the strong impression that the coin is in the middle of a growth spurt, with its indicators recently climbing and remaining bullish today.
Its 30-day average (orange) climbed over its 200-day average (blue) over the weekend and is continuing to move higher, signalling solid buying pressure.
Likewise, SHIB’s relative strength index (purple) is rising towards 70 again after reaching 80 yesterday and then dipping late last night.
That the RSI has quickly recovered after a little correction is a bullish sign, suggesting that the coin is in the middle of a medium-term growth phase.
Indeed, SHIB’s trading volume passed $1 billion and remains at $800 million today, representing a 100% increase over its level on Saturday.
The main reason for this spike is that, as mentioned above, Shiba Inu has announced a raise of $12 million for its new layer-three chain.
#Shiba Inu has raised $12 million via the $TREAT token to develop its new privacy-focused Layer 3 blockchain
Investors include Polygon Ventures, Mechanism Capital, Big Brain Holdings
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