Founder of popular trading software XT Algo Zach Humphries reacts to reports of Shiba Inu developing a new blockchain solution. 

Zach Humphries, a notable crypto influencer and founder of crypto trading software XT Algo, has reacted to reports of the ongoing development of Shiba Inu’s privacy-focused Layer-3 (L3) blockchain. 

In a recent tweet, Humphries expressed enthusiasm about the initiative, emphasizing that he is glad Shiba Inu sees the future of L3 blockchain solutions. 

This is going to be a Layer 3 blockchain. Yes, it's a thing. I am glad #SHIB sees the future of Layer 3's https://t.co/LGuHZOJzhm

— Zach Humphries (@Z_Humphries) April 22, 2024

Shiba Inu Raises $12M to Build New Blockchain 

The prominent crypto influencer made this known while reacting to recent reports indicating that the Shiba Inu ecosystem team raised $12 million to develop a privacy-focused L3 blockchain on Shibarium. 

As reported earlier, the team behind the Shiba Inu ecosystem raised the funds by selling its upcoming TREAT token to some major venture capitalists, including Animoca Brands, Shima Capital, Polygon Ventures, Stake Capital, and Mechanism Capital. 

Shiba Inu’s lead developer, Shytoshi Kusama, provided insight into the ongoing development of the L3 blockchain. According to Kusama, Shiba Inu developers are building the L3 blockchain using Zama’s fully homomorphic encryption technology. 

Before leveraging Zama’s technology for its L3 blockchain, Shiba Inu had already collaborated with the Paris-based open-source cryptography company earlier this year. At the time, Shiba Inu utilized Zama’s technology to improve privacy features for user data management. 

The partnership between Shiba Inu and Zama in February also includes Shiba Inu adopting the company’s technology to develop its privacy L3 blockchain. 

Meanwhile, Kusama disclosed that the highly anticipated L3 blockchain’s testnet version will go live in Q3 2024. The testing will help developers identify and resolve all technical issues associated with the blockchain before launching it on the mainnet. 

Interestingly, the upcoming TREAT token will function as the blockchain’s governance and utility token. This implies that users would only pay gas fees on the blockchain using TREAT. 

Shiba Inu Moves to Shred Meme Coin Tag 

Shiba Inu has continued to stun the crypto community with its technological advancements and evolution over the years. The crypto project, which initially launched as a meme coin in August 2020, has rolled out outstanding products and solutions, including an L2 blockchain, thus helping it shred its meme coin title. 

Shiba Inu developers have gone a step further to shred the meme coin title by building a privacy-focused L3 blockchain. However, Kusama confirms that despite this evolution, the Shiba Inu development team aims to retain the vision Ryoshi, the anonymous Shiba Inu founder, had for the project.

By embracing Layer-3, the team behind the Shiba Inu ecosystem seeks to leverage more advanced functionalities that could improve its privacy, scalability, and interoperability with other networks, especially Shibarium. 

Lucie, a Shiba Inu content specialist, has reiterated her confidence in the price prediction projecting SHIB to secure a value of $0.01 someday.

Notably, Shiba Inu has been one of the biggest beneficiaries of the latest market uptrend. The asset stalled from Q4 2023 when the pre-bull run phase began but eventually recorded an impressive run from late February to March 5.

Confidence in Shiba Inu Hitting $0.01

This price rally, which pushed Shiba Inu above the $0.000045 high, rekindled optimism among market participants. As a result, predictions of more substantial growth re-emerged, with the $0.01 price target taking center stage.

Amid the euphoria, Lucie took to X to share her view. She noted her reluctance to make any remarks regarding Shiba Inu as the price run gained steam. However, the content specialist stressed that she had been an investor since 2021, underscoring her long-term enthusiasm.

Lucie revealed that she has always been a firm believer in Shiba Inu’s potential to clinch higher price goals, especially the $0.01 target. She expressed her confidence that the cryptocurrency could actually clinch this price level but noted that such a move might not come immediately.

I won't comment on $SHIB. I've been holding since 2021 and have always believed in reaching 0.01, just not immediately… Everything takes time.

But with $LEASH, if you sell below $5000, you don't understand what $LEASH is.

My dark horses are $LEASH and $SHEB. $BONE should be…

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) March 5, 2024

Notably, some proponents currently regard the $0.01 price too ambitious for Shiba Inu to secure. However, these sentiments existed with the price goals at the $0.00003 and $0.00004 levels last year, as Shiba Inu faced persistent struggles between $0.00005 and $0.00008.

Factors Behind Renewed Optimism

At this point, hitting a high of $0.000045, which required a 728% rise from the $0.00000543 low in June 2023, was seen as near impossible. The fact that Shiba Inu recorded this feat against all odds has rejuvenated optimism that it could pull the same stunt in the future.

Besides the recent run, there are other catalysts behind the renewed optimism. One such catalyst is the burn campaign, which helps reduce SHIB’s circulating supply. Some proponents believe these burns could bolster SHIB’s chances of a major run, seeing as it recorded such rally in 2021 even without burns.

In addition, this week, a community figure spotlighted 15 reasons why investors should believe in Shiba Inu. Some of these reasons include the asset’s recognition in Hong Kong, ties with Robinhood, its non-security status, support across major exchanges, and active community.

The influencer also highlighted the fact that all the Shiba Inu supply is already in circulation and the decentralized nature of the project, among other factors. These bullish indicators have also catalyzed optimism about a price run to $0.01.

When Could Shiba Inu Reach $0.01?

Despite Lucie expecting Shiba Inu to hit $0.01 at some point, she believes the asset would not attain this goal anytime soon. However, she failed to give any projected timeline, further stressing that investors should not view her thoughts as investment advice.

While Lucie’s disclosure came without a timeline, analysts at crypto trading platform Changelly believe Shiba Inu could reach the $0.01 price between 2033 and 2040. Meanwhile, Google Bard (now Gemini) predicted that Shiba Inu could reach $0.001 in 12 months if it records a 230% rally every month.

Shiba Inu (SHIB) price has consolidated above the $0.000025 support level on April 26, after the team’s $12 million fundraise had triggered a $0.000029 retest at the start of the week. 

SHIB Price is up 41% Within the Weekly Timeframe

Shiba Inu price soared 53% rally between April 19 and April 22, reaching a weekly timeframe peak of $0.000029 after the team’s $12 million fund raise announcement got the world’s largest memecoin project off to a positive start.

SHIB has since retraced 10% towards the $0.000025 support territory, cutting its weekly gains to 41% at the time of writing on April 26. But interesting, recent trends observed in the derivatives markets suggest that bulls are still on the prowl for more gains.

Speculative Traders Have Mounted New SHIB Futures Contracts Worth $23 Million

Looking beyond the Shiba Inu’s 10% price correction in the last 3-days , the broader memecoin markets have been on a tear this week. Indicatively, the likes of BONK and DOGE have recorded double-digit gains during that period.

In a bid to front-run SHIB’s next recovery phase, speculative traders have been mounting new futures contracts at a disproportionate rate compared to the price trend.

Coinglass’ Open Interest metric tracks the total value of active futures contracts for a specific crypto asset.

At the start of week, SHIB open interest stood at $51.75 million. The latest data shows SHIB open interest has increased by $23 million since April 19, to hit $75.1 million mark at the time of writing on April 26.

Notably, this marks a growth of 45% in Shiba Inu open interest, within the weekly timeframe outpacing the current SHIB price growth of 41%.

When Open Interest outpaces price growth, it signals an overwhelming bullish sentiment among speculative traders.

Firstly, an increase in open interest suggests growing participation and interest from market participants, indicating confidence in the asset’s future price potential. This influx of new positions can lead to increased liquidity and trading activity, further supporting upward price momentum.

Secondly, when open interest grows faster than price, it may indicate that traders are accumulating long positions or hedging strategies, anticipating future price appreciation.

Hence, this $23 million growth in SHIB open interest could a preccussor to another leg-up towards $0.000030 price milestone in the near term.

SHIB Price Retraces after 54% Gains

Shiba Inu price price soared 54% rally between April 19 and April 22, reaching a weekly timeframe peak of $0.000029 after the team’s $12 million fund raise announcement got the world’s largest memecoin project off to a positive start.

SHIB has since retraced 10% towards the $0.000025 support territory at the time of writing on April 26. But interesting, recent trends observed in the derivatives markets suggest that bulls are still on the prowl for more gains.

Speculative Traders Have Mounted New SHIB Futures Contracts Worth $23 Million

Looking beyond the Shiba Inu’s 10% price correction in the last 3-days , the broader memecoin markets have been on a tear this week. Indicatively, the likes of PEPE and DOGE have recorded double-digit gains during that period.

In a bid to front-run SHIB’s next recovery phase, speculative traders have been mounting new futures contracts at a disproportionate rate compared to the price trend.

Coinglass’ Open Interest metric tracks the total value of active futures contracts for a specific crypto asset.

At the start of week, SHIB open interest stood at $51.75 million. The latest data shows SHIB open interest has increased by $23 million since April 19, to hit $75.1 million mark at the time of writing on April 26.

Notably, this marks a growth of 45% in Shiba Inu open interest, within the weekly timeframe outpacing the current SHIB price growth of 40%.

When Open Interest outpaces price growth, it signals an overwhelming bullish sentiment among speculative traders.

Firstly, an increase in open interest suggests growing participation and interest from market participants, indicating confidence in the asset’s future price potential. This influx of new positions can lead to increased liquidity and trading activity, further supporting upward price momentum.

Secondly, when open interest grows faster than price, it may indicate that traders are accumulating long positions or hedging strategies, anticipating future price appreciation.

Hence, this $23 million growth in SHIB open interest could a preccussor to another leg-up towards $0.000030 price milestone in the near term.

Over half of the 1,399,974 wallets holding Shiba Inu are currently profitable as SHIB rebounds to $0.00002652.

Shiba Inu has flashed signs of recovery in the last 24 hours, slightly overcoming the bears to reclaim the $0.000026 threshold. As of yesterday, Shiba Inu bottomed at $0.00002468 but has since soared significantly to $0.00002652. This trajectory marks a notable 7.45% gain for SHIB.

This week, Shiba Inu had encountered opposition during the recovery from the massive dip of two weeks ago. The resistance forced SHIB back to the $0.000024 threshold. However, the asset appears to have surmounted this hurdle as it reached $0.00002652 today.

Shiba Inu Holders in Profit After $0.00002652 Comeback

Now, at Shiba Inu’s market value, the on-chain record shows that more than half of SHIB investors hold the asset in a profitable position. According to intelligence platform IntoTheBlock, 63% of SHIB holders are “in the money,” essentially in profit with the asset at $0.000025. 

Conversely, 32% of investors are shouldering losses with their Shiba Inu holdings. IntoTheBlock data suggests that only 5% of holders are “at the money,” neither incurring losses nor making a gain.

It is worth mentioning that the current profitability ratio of Shiba Inu holders is down significantly from the figure recorded six weeks ago. The Crypto Basic reported last month that as much as 84% of SHIB holders were profitable. Remarkably, at the time, Shiba Inu traded at $0.00004533, one of its two-year highs.

Shiba Inu Whale Transactions Tank by 80%

At press time, 1,399,974 wallets hold Shiba Inu. Among these holders, 75% are committed long-term investors who have held the asset for over a year. Meanwhile, 21% of them purchased SHIB within the last 12 months. Individuals who acquired Shiba Inu within the last 30 days account for just 4% of the holder spectrum.

Furthermore, IntoTheBlock statistics indicated that large investors, or whales, dominate the Shiba Inu holder spectrum. In particular, the data highlighted that the concentration of larger holders for Shiba Inu is 73%.

Additionally, the collective worth of whale transactions surpassing $100,000 over the last seven days is $732.41 million. According to data from IntoTheBlock, 201 such transactions were recorded yesterday on April 15.

Meanwhile, this current figure marks a staggering $3.05 billion deficit compared to the amount of whale transactions recorded on March 4. In percentage terms, whale transactions have crashed by over 80.67% since last month as Shiba Inu dipped.

Three anonymous Shiba Inu whales have amassed over 869 billion SHIB from Coinbase and Upbit in 24 hours. 

As investors prepare for an imminent bull run that could potentially lead to an upward trend in crypto prices, whales have shifted their attention to meme-based tokens, like Shiba Inu (SHIB). 

This is reflected in a recent accumulation spree indexed by top crypto data provider Arkham Intelligence. Data from the platform shows that three untagged wallets gulped over 869 billion Shiba Inu in the past day. 

In particular, these addresses amassed a whopping 869,458,197,872.98 (869.45 billion) SHIB in three different transactions. At the current price, the tokens are worth $22.12 million cumulatively. 

According to data from Arkham Intelligence, the unknown whales withdrew the 869 billion SHIB from two prominent crypto exchanges, Coinbase and Upbit. 

Details of the Transaction 

Arkham Intelligence data shows that the oldest transaction occurred exactly 21 hours ago, involving a fresh wallet, “0xad3A…3f8Ba.” Notably, the wallet withdrew 438.23 billion SHIB, worth $11.17 million, from Coinbase. Prior to the hefty Shiba Inu withdrawal, the wallet had not been involved in any transaction, which indicates that it is a fresh wallet. 

In addition, Arkham Intelligence recorded another massive Shiba Inu movement an hour later. This time, an unknown investor shifted 221.03 billion SHIB, $5.63 million, from San Francisco-based exchange Coinbase to a fresh wallet “0xFD1B…2FA18.” According to Arkham Intelligence data, the 221.03 billion SHIB marks the first transaction recorded on the wallet. 

For the last transaction, an unknown Shiba Inu wallet, “0x3f15…F9329,” received a whopping 210.19 billion SHIB, worth $5.32 million, from Upbit exchange 11 hours ago. Unlike the two wallets, this wallet has been involved in a series of Shiba Inu-related transactions recently and in the past. 

Notably, shortly after withdrawing the 210.91 billion SHIB from Upbit, the wallet transferred nearly 10 billion SHIB to Binance, OKX, Bybit, HTX, and other untagged wallets. 

Whales Taking Early Positions Amid Speculations of Potential Rally 

Meanwhile, the development suggests that crypto whales are taking early positions in Shiba Inu as they anticipate a potential price rally for the asset. 

Several crypto analysts have recently issued a series of positive forecasts for Shiba Inu, with multiple projections hinting at a likely surge toward the $0.001 level. This target requires Shiba Inu to rally 3,829% from the current price. 

In the meantime, Shiba Inu has staged a daily increase of 0.9%, placing the asset’s price at $0.00002545. The meme-based token has also surged 8.6% over the past week. 

Popular analyst Ak47 stressed that Shiba Inu is signaling potential gains ahead following the appearance of a falling wedge trend on its 12-hour chart.   

Shiba Inu community members are looking forward to how the recently concluded Bitcoin halving event will positively impact the price of their favorite token, SHIB. 

Data from CoinMarketCap (CMC) shows that Shiba Inu has not witnessed any significant uptrend since Bitcoin halving occurred on April 19, at 8:09 PM (ET).  

According to the data, Shiba Inu has soared by 12.9% since the halving event. Despite experiencing a double-digit gain, Shiba Inu is still far from hitting the levels recorded in early March. Recall that Shiba Inu soared to around $0.00004500 in early March. The canine-themed token has plunged by 42.82% ever since, with a unit of SHIB trading at $0.00002573. 

Shiba Inu Signaling Potential Gains Ahead 

However, Shiba Inu’s 12.9% surge recorded over the past week could be a tip of what is coming for the asset. Pseudonymous market watcher and analyst “Ak47” recently showcased this optimism in their latest outlook for SHIB. In a recent tweet, Ak47 pointed out that the Shiba Inu chart is showing signs of potential gains. 

The analyst made the assertion after observing Shiba Inu form a falling wedge pattern in the 12-hour timeframe. Explaining the significance of the development, Ak47 noted that such a trend typically paves the way for an asset’s bullish breakout. 

Furthermore, the analyst urged Shiba Inu enthusiasts to keep a close watch on SHIB as it prepares for an imminent bullish breakout. 

Meanwhile, Ak47 attached a screenshot of Shiba Inu’s chart, which highlights the appearance of a falling wedge in the 12-hour timeframe.  

The $shib/usdt pair is showing a falling wedge pattern on the 12-hour timeframe.

This often precedes a bullish breakout, signaling potential gains ahead. Keep an eye on it! #SHIB #cryptocurrency #bullish #trading $SHIB #DYOR pic.twitter.com/XseUuxffmQ

— Ak47♛ (@HolaItsAk47) April 21, 2024

Potential Rally to $0.00003946 

According to the chart, Shiba Inu could witness a breakout and potentially hit a price target of $0.00003946, representing an increase of 53.36% from the current price. 

Nonetheless, before climbing to $0.00003946, Shiba Inu must first breach the resistance at $0.00002803, a pivotal level at which 1,342 investors hold at least $1 million worth of SHIB. 

Shiba Inu’s recent attempt to breach the level ended in futility as the asset currently trades below $0.00002600. 

In the meantime, investors have remained optimistic about Shiba Inu’s prospects. This is evident in the number of investors that have retained their SHIB holdings for over a year. Data from IntoTheBlock shows that over 1 million addresses have been holding Shiba Inu for 12 months or longer.