NOIDA (CoinChapter.com) — Shiba Inu (SHIB) price has been on a roll since Feb. 24, with plans to develope an enhanced privacy-focused network helping the token reach its highest level since Feb. 2023.
Furthermore, the uptrend helped the memecoin outperform Pepecoin’s recent performance, with SHIB sextupling traders’ investments in just 2 days. Talk about a bull run!
Since Feb. 27, PEPE price (hollow candle wave in the above chart) has leaped by about 72% to reach a daily high near $0.0000032 on March 1.
An impressive performance that likely rode the coattails of wider market recovery and a generally positive investor sentiment following Bitcoin’s price crossing above $60,000.
On the other hand, during the same period, SHIB price rallied over 635% to reach a daily high near $0.0000133, erasing a zero from its price tag along the way.
The reason behind SHIB’s recent rally, which destroyed PEPE’s BTW, could be Shiba Inu developers’ efforts to introduce a new privacy-focused network.
Shiba Inu Working To Enhance Privacy
Early in February this year, Shiba Inu (SHIB) introduced a new feature to enhance privacy for its users. This addition allows for anonymous transactions through the Bermuda Privacy dApp.
When utilizing this dApp, SHIB transfers are conducted via Bermuda’s smart contract, concealing the sender’s address from the recipient, who only sees the dApp’s address.
A recent announcement from the Shiba Inu kennels stated that the memecoin developers have partnered with Zama, an open-source cryptography company, to develop a new network utilizing Fully Homomorphic Encryption (FHE).
The technology would help developers work with data on untrusted domains without decryption. The Shiba Inu ecosystem’s TREAT token will power the “new privacy layer” on Shibarium, enhancing on-chain privacy for SHIB token holders by protecting personal and transactional data.
Shytoshi Kusama, Shiba Inu founder, clarified that the new privacy-focused network and Shibarium would be “separate entities with distinct purposes.”
The development is significant for the Shiba Inu community, especially for those who prioritize financial privacy, as it addresses concerns related to fraud, identity theft, and privacy violations common in the blockchain industry.
SHIB Bulls Ignore Overbought RSI
Shiba Inu’s recent rally pushed SHIB’s relative strength index into the overbought region, scoring 87.07 on the daily charts.
RSI is a momentum indicator measuring asset price movements to identify overbought or oversold conditions. The overbought RSI level indicates the strong presence of bulls in the market.
However, traders often consider overbought RSI levels a bearish signal since the occurrence usually precedes a bearish reversal or consolidation phase for the underlying token.
As such, SHIB price could drop to the support near $0.000012 if the token’s rally stalls. Moreover, breaching the immediate support might force the Shiba Inu token to test its 20-day EMA (red wave) support near $0.0000106.
However, if the bulls manage to continue the rally, traders can enter the market once SHIB price confirms a breakout above immediate resistance near $0.0000139. An increase in buying pressure could see SHIB price target the resistance near $0.000015 before correcting.
Besides Shiba Inu’s latest privacy-focused updates, the memecoin also launched another interesting product early in Feb. Read here to know more.
