Shiba Inu continues its development journey, presenting Shib Alpha Layer while the crypto's price faces difficulties.
Shib Alpha Layer: New Horizons
Shiba Inu is making significant strides towards transforming its image from a meme cryptocurrency. Recently, the beta version of Shib Alpha Layer was launched — a privacy-focused stack built on Fully Homomorphic Encryption. This project was created in collaboration with the cryptography firm ZAMA and allows smart contracts to process encrypted data without revealing sensitive information, unlocking new possibilities for dApps in sectors like healthcare and finance. The Shib Alpha Layer brings together various RollApps into a unified interface on Shibarium, significantly enhancing scalability and practicality.
Shiba Inu Price Analysis
As of press time, Shiba Inu is trading at $0.00001171, with a 1.36% decline over the past 24 hours and a sharper 12.68% decline over the week. Its market cap has slipped to $6.9 billion, while the intraday trading volume hovers around $153.42 million, showing a minor 0.60% dip. On the 4-hour chart, SHIB struggles below the 20-period SMA Bollinger Band midpoint at $0.00001194, and the price hugging the lower Bollinger band reflects ongoing downward pressure. However, a slight bounce from $0.00001152 hints at reactive buying interest.
Frequently Asked Questions
Why is SHIB price falling? Key reasons include a 211M SHIB sell-off and broader market weakness.
Is SHIB in an oversold zone? RSI near 42 suggests SHIB is nearing oversold territory, but not extreme levels yet. A rebound is possible if buying volume increases.
Where is the SHIB price heading next? Immediate resistance lies at $0.00001194. A breakout above this could flip short-term sentiment bullish.
Despite price pressures, Shiba Inu continues to introduce innovative technologies and aims to improve its position in the crypto market through new developments.
