Shiba Inu: FHE Integration for Privacy, Token Burns Spike but Price Falters

Shiba Inu (SHIB) is making headlines for two contrasting developments: a potential privacy boost and a surge in token burning activity, overshadowed by a recent price decline.

Shiba Inu Eyes Fully Homomorphic Encryption (FHE)

Shiba Inu’s marketing lead, Lucie, recently proposed integrating FHE technology to enhance user privacy and security within the SHIB ecosystem. FHE allows data analysis directly on encrypted information, ensuring user privacy is maintained throughout the process. This integration aims to bolster user trust and secure interactions within the SHIB metaverse.

Shiba Inu Burn Rate Skyrockets

The SHIB burn rate witnessed a staggering 68,000% increase within 24 hours, as per Shibburn, a platform tracking SHIB burns. his surge is attributed to a collective effort by the Shiba Inu community, with seven wallets contributing significantly to the burn.

The burning of tokens aims to reduce circulating supply, potentially driving up the price in the long run. However, immediate price impacts remain unclear.

Market Challenges and DeFi Vision

Despite the burning activity, SHIB’s price has dipped by 0.5% in the last 24 hours and nearly 6% in a week. Lucie expressed concerns on social media regarding financial institutions recognizing SHIB’s value for future financial planning, particularly giants like BlackRock.

The SHIB team remains dedicated to their vision of empowering individuals through DeFi and building a meaningful presence in the space.

SHIB/USD Technical Analysis Points to Uncertainty

SHIB recently fell below the crucial 100-day EMA (Exponential Moving Average), potentially indicating a shift in sentiment. The price is approaching the 200-day EMA, another key support level, further amplifying the uncertainty. The recent price decline coincided with a rise in trading volume, suggesting increased selling pressure.

Security Alert: Beware of Scams

Shibarmy Scam Alerts warned the community about fraudulent websites targeting SHIB users. The team advises users to verify website legitimacy before connecting their wallets and avoid suspicious links. This isn’t the first time the Shiba Inu team has cautioned users about scams. They’ve previously highlighted dangers of fake Dapps (decentralized applications) mimicking legitimate platforms.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Pepe Coin Price Surges 68% as Bitcoin Hits $104K, 80% Rally Expected

5 hours ago

Save

Cardano Eyes $1 as ADA Pulls Back to $0.789—Brave Deal, New Partnerships Fuel Momentum

6 hours ago

Save

Ethereum Dips Below $2,500, Eyes Support After 40% Weekly Surge Fueled by Spot Demand

8 hours ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments