Shiba Inu (SHIB), the popular memecoin, has seen tough bearish market movements in recent times. With a current trading price of $0.00002344, SHIB has experienced a 5.17% decline over the last 24 hours, over 13% drop in the last seven days, and a heavy 24% decrease in the last 30 days. Despite these bearish trends, Shiba Inu maintains a market cap of $13.7 billion ranking it as the 11th largest crypto by market cap and its 24-hour trading volume at over $431 million, an 18% gain in the last 24 hrs.. 

SHIB Price Chart: CoinMarketCap

In a bold move to shed its memecoin origins and establish itself as a serious player in the blockchain industry, Shiba Inu has secured $12 million in funding to develop a new layer-3 blockchain with a focus on privacy. The popular crypto, known for its dog-themed branding, has garnered notable institutional interest with this ambitious project.

The funding round involved the sale of TREAT, an unreleased token, to a consortium of prominent venture capital firms, including Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital and Animoca Brands, among others. According to reports, Shiba Inu began raising funds a few months ago, finalizing the round in early April.

TREAT is designed to serve a dual purpose within the Shiba Inu ecosystem, functioning as both a utility token and a governance token. The Shiba Inu layer-3 blockchain will be built on Shibarium, the project's Ethereum layer-2 blockchain, which is currently under development. While TREAT is a non-stable token, the project plans to introduce a second token called SHI later in 2024. The layer-3 blockchain aims to address privacy and trust concerns within the Shiba Inu ecosystem by utilizing fully homomorphic encryption technology. This cutting-edge technology allows for the performance of computations on enc

ecryption, enhancing user privacy and security.

This move is a significant step forward for Shiba Inu as it strives to move beyond its memecoin origins and establish itself as a relevant player in the blockchain industry. The focus on privacy and regulatory compliance suggests a more mature approach, potentially appealing to a wider range of users and investors.

SHIB Technical Analysis

Shiba Inu (SHIB) has been mostly bearish since early March and trapped in a descending triangle pattern. On the weekly analysis most weekly candles have closed bearish. Two weeks ago, the price dropped massively, recording a low of 0.00001837 at the descending triangle support, where it faced rejection.

On the daily timeframe, SHIB has been bearish for the last three consecutive days. Since hitting the descending triangle support at 0.00001837 on April 13th, the price rallied up to break out of the descending triangle resistance zone, closing above it. Over the last few days, the price has been trading and closing bearish, retesting the broken-out resistance, which turned into support, fully filling the fair value gap created on the day of the breakout, which occurred on April 20th.

SHIBUSD Daily Price Chart: TradingView

If the bulls take full control from this support level, there is potential for recovery, with a target toward the nearest resistance at the 0.00003150 zone. However, if the bears gain control and continue pushing the market lower, breaking down past the trendline, further downside could be expected and could drop to test the 0.00002000 zone.