Shiba Inu (SHIB) experiences a remarkable 25% price increase, reaching a market cap of over $8.5 billion. The rally coincides with a broader uptrend in the cryptocurrency market. The introduction of a privacy-enhancing tool, Fully Homomorphic Encryption (FHE), by the SHIB development team may contribute to future ecosystem growth.

  • Shiba Inu (SHIB) experienced a significant surge in both price and market capitalization, coinciding with a broader positive trend in the cryptocurrency market.
  • The rally may have been further fueled by the implementation of a novel privacy-enhancing tool by the SHIB development team, indicating potential growth prospects for the ecosystem.

Shiba Inu (SHIB) Price Surge

The widely known meme coin, Shiba Inu, has emerged as one of the top-performing cryptocurrencies in the last 24 hours, witnessing a price surge of more than 25%. Furthermore, its market capitalization crossed the $8.5 billion threshold for the first time in a year.

This remarkable upswing occurs amid Bitcoin (BTC) maintaining levels above $60,000, and other major altcoins such as Ethereum (ETH) and Solana (SOL) reaching multi-year highs.

The overall cryptocurrency market capitalization is approaching the $2.5 trillion mark, with some experts anticipating the commencement of a substantial bull run that could persist in the near future.

Another contributing factor to SHIB's recent positive performance is the heightened activity in the meme coin sector. Dogecoin (DOGE) observed a 30% daily price increase, Bonk Inu (BONK) surged by 40%, and dogwifhat (WIF) achieved a new all-time high.

According to data from IntoTheBlock, more than 56% of Shiba Inu holders are currently in a profitable position. This contrasts with September last year when about 90% of SHIB investors were facing losses.

An Additional Catalyst

It's noteworthy that Shiba Inu's price surge closely followed the introduction of a new tool by the meme coin's development team aimed at enhancing user privacy. As reported by CryptoPotato, this innovation, called “Fully Homomorphic Encryption (FHE),” provides "complete on-chain data protection" to members of the SHIB community.

Shytoshi Kusama, the pseudonymous lead developer of the meme coin, described the tool as a "seminal milestone" in fulfilling their commitment to transforming the SHIB community into a “nation-state” of “Shibizens.”

Dr. Rand Hindi, an entrepreneur and CEO of Zama, also weighed in, asserting that FHE will "catalyze the growth" of the Shiba Inu ecosystem, enabling "a wide range of new use cases" on the platform.