The crypto market has recently experienced an impressive price increase, with almost all major meme coins posting huge gains. Shiba Inu (SHIB) was no exception, experiencing a nearly 300% increase in value in just a week, reaching its highest price point in two years.
Shiba Inu lead developer makes big announcement
Amid these exciting market movements, the team behind Shiba Inu is actively developing. Shytoshi Kusama, the lead developer of the Shiba Inu project, recently announced on the social media platform X that a new Shiba Inu service will be launched soon.
The specific details and launch timeline of Shiba Inu’s newly announced service remain unknown. Nevertheless, it is expected that this initiative will significantly expand the capabilities of the Shiba Inu network.
Shib Name Service (SNS)
The team previously unveiled another development within the Shiba Inu ecosystem, namely the Shib Name Service (SNS). This innovation allows users to choose easy-to-remember, user-friendly names instead of the long and complicated wallet addresses that are standard in the world of blockchain technology.
This step makes transactions smoother, simplifies identity management and improves interaction with various applications by eliminating the need to remember or enter complex strings of numbers and letters.
Why has the SHIB price risen so fast?
To understand why Shiba Inu’s value has experienced a significant increase recently, it is crucial to look at a range of influential factors. At the forefront of this development is the introduction of new technological improvements, such as the Layer-2 solution Shibarium, which has significantly strengthened the network.
Additionally, the recent Bitcoin (BTC) price rally played a key role in boosting overall market enthusiasm. Building on this positive momentum, Lead Developer Shytoshi Kusama expresses optimism about the future, with a bold prediction that Shiba Inu will reach a market capitalization of $100 billion, a testament to the belief in the project’s growth potential and innovative impact.
The road to $0.0001
Crypto analyst Oscar Ramos believes that SHIB’s current price movements only mark the beginning of further growth. He predicts that the coin could surpass a $0.0001 valuation in this cycle.
Ramos bases his optimism on a comparison between SHIB’s growth trajectory and that of Ethereum (ETH) and other alternative coins (altcoins), noting that Ethereum’s positive trend could have a significant impact.
This prediction is further supported by recent investments from a prominent crypto whale, who, after cashing in on profits with Pepe (PEPE), has taken a significant position in SHIB.
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Source: https://newsbit.nl/shiba-inu-investeerders-opgelet-binnenkort-lancering-nieuw-product/
