Shiba Inu (SHIB/USD) is making headlines in the cryptocurrency world as it continues to rally, with a 11% increase in the past 24 hours. This surge in price comes amidst rising whale transactions and a significant use case update for one of its tokens, TREAT.
Shiba Inu’s gains have now reached an impressive 60%, according to CoinMarketCap data. Lucie, the marketing lead of Shiba Inu, recently revealed that the upcoming token, TREAT, will have a substantial use case. This reward token will provide liquidity to the upcoming SHI stablecoin and will replace the BONE token as the reward token for ShibaSwap, Shiba Inu’s decentralized exchange. Additionally, TREAT will offer rewards for SHIB: The Metaverse and the blockchain version of the Shiba Inu-themed collectible card game Shiba Eternity.
The presence of Shiba Inu’s lead developer, Shytoshi Kusama, at the ongoing ETHDenver 2024 event has also sparked speculation within the community about a potential major development. The event is set to conclude on March 7th.
The significance of these recent developments is underscored by data from IntoTheBlock, which shows a notable increase in transactions greater than $100,000. Additionally, Shibarium burns in February totaled 643.7 million tokens, valued at $8,264, although this figure is lower than the levels seen in January. The community is eagerly anticipating the launch of a portal that will automatically burn SHIB tokens, currently undergoing testing on the testnet version of Shibarium, Puppynet.
Looking ahead, technical analysis suggests that a Golden Cross has occurred, with the 50-day Simple Moving Average crossing above the 100-day SMA. However, the RSI indicator is signaling extremely overbought conditions, potentially indicating a reversal. IntoTheBlock data reveals that 57% of SHIB holders are currently in profit, 6% are at breakeven, and the remaining 37% are in the red.
In conclusion, Shiba Inu’s recent price surge and upcoming developments have generated significant interest and excitement within the cryptocurrency community. As the project continues to evolve and expand its use cases, investors and enthusiasts alike will be closely monitoring its progress in the coming days and weeks.
