Shiba Inu Surges 19%, Poised for Recovery to 2024 Highs

Shiba Inu (SHIB) rallies by 19% in two days, extending its weekly gains to 15%. The surge follows the recent announcement of $12 million raised through the sale of its TREAT token. On-chain metrics indicate increased large transaction volume and daily active addresses. Crypto analyst Javon Marks suggests a potential 69% recovery for SHIB towards its 2024 highs, supported by a Hidden Bull Divergence on the technical chart.

Shiba Inu: A Resurgent Meme Coin Poised for Recovery to 2024 Highs

New York, April 23, 2024 - Shiba Inu (SHIB), the popular meme coin, has made significant strides in the past two days, surging by an impressive 19%. This upward trajectory has fueled optimism among crypto analysts, who anticipate a substantial price recovery for the token.

TREAT Token Sale Propels Growth

Shiba Inu recently announced a successful fundraising round of $12 million through the sale of its TREAT token, which serves as the governance and utility token for its privacy-focused Layer-3 blockchain. Non-U.S. venture capital investors, including Polygon Ventures and Animoca Brands, participated in the fundraising, which concluded with valuations of $75 million, $100 million, and $200 million for each tranche.

Shibarium Outage Resolved, Network Back Online

In a separate development, Shiba Inu developer Kaal Dhairya revealed a temporary outage on the Shibarium network, caused by networking issues among validators. However, the issue has since been resolved, and the network is now fully operational.

Large Transaction Volume and Network Activity Soar

Data from IntoTheBlock reveals a surge in Shiba Inu's large transaction volume of 56.71%, reaching $82.5 million. Daily active addresses have also experienced a significant increase of 42.1%, now standing at 9,580. Additionally, transactions exceeding $100,000 have risen from 204 on April 20 to 230 on April 21.

Shibariumscan data indicates a spike in transaction fees, rising from 28.15 BONE on April 20 to 250.89 BONE on April 21. The average gas price has also surged from 18.1 Gwei to 37.61 Gwei during the same period, suggesting extensive usage of the Shibarium network.

Analysts Project 69% Recovery

Prominent crypto analyst Javon Marks recently shared a nine-hour technical chart on Twitter, highlighting a Hidden Bull Divergence pattern. This pattern suggests a potential 69% recovery for Shiba Inu, propelling it back to its 2024 high of $0.0000457.

Future of Shiba Inu and Digital Assets

The upcoming Benzinga Future of Digital Assets event on November 19 is expected to delve into the growing influence of meme coins and the emergence of Bitcoin as an institutional asset class. Industry experts will provide insights into the future of these digital assets and their impact on the financial landscape.

Conclusion

Shiba Inu's recent price resurgence, combined with the successful TREAT token sale and network upgrades, has instilled confidence among investors. Crypto analysts predict a significant recovery for the meme coin, potentially reaching its 2024 highs. As the digital asset industry continues to evolve, the Future of Digital Assets event will provide a platform to explore the latest trends and innovations shaping this dynamic sector.