The dog-themed cryptocurrency Shiba Inu (SHIB), which saw an astounding 25% increase in value over the previous week, may be about to reclaim its spot among the top 10 cryptocurrencies by market capitalization.
Shiba Inu’s increased value is putting it closer to the tenth position, which is presently occupied by Cardano (ADA), which has a $17.7 billion market capitalization.
With a $16 billion market valuation, Shiba Inu is presently the eleventh-largest cryptocurrency. Based on available data, Shiba Inu could have to raise its market capitalization by $1.7 billion in order to go back up to the tenth position.
As of this writing, SHIB was up $0.00002724, or 3.30%, over the previous day. SHIB saw a 7-day increase of 25.43%.
From a low of $0.00002 on April 19 to a high of $0.000028, Shiba Inu has increased gradually. A more general upswing in the cryptocurrency market, which has seen coins like Ethereum (ETH) and Bitcoin (BTC) recover to recently tested highs, may have contributed to the coin’s gain.
At the beginning of the week, Shiba Inu disclosed that it has secured an astounding $12 million from prominent venture capital partners to introduce its Fully Homomorphic Encryption (FHE) blockchain, created in association with Zama and fueled by the forthcoming TREAT token.
FHE makes it possible to do calculations on encrypted data and has the power to revolutionise trust and privacy in encryption. It would fundamentally alter how financial and personal information is managed.
The breakthrough, which has been hailed as a key milestone by Shiba Inu’s pseudonymous project head, Shytoshi Kusama, signifies the possibility for future expansion in the ecosystem.
In a tweet, Lucie, a member of the Shiba Inu team, lists the following as planned for Shibarium in 2024–2025: layer-3 testnet, K9finance, Treat, ShibaEternity P2E, Shiba Inu metaverse, and ShibaSwap (version 1.75, followed by 2.0). Furthermore, any token in the Shiba ecosystem will be able to access fully functional DAOs.
