Shiba Inu‘s Latest Magazine Offers Important Information on WOOF, TREAT, and Layer 3 Developments
shiba inu, one of the most popular dog-based meme cryptocurrencies, recently introduced the latest edition of its magazine ‘The Shib’, which highlights numerous cryptographic developments. Published today, April 24, the magazine is vital to the ecosystem’s WOOF, TREAT, and Layer 3 development efforts.
This instantly added market optimism to the Shiba Inu, with investors anticipating a stronger price movement for the SHIB token. However, in line with the decline in the broader market, Shiba Inu traded in the red today, contradicting the optimistic sentiments engendered by the release of ‘The Shib’.
Here’s a closer look at the latest issue of The Shib Magazine and why SHIB is sparking investor optimism around the world despite its move in the red.
Shib’s Newest Release: A Closer Look
According to insights presented in the latest issue of The Shiba magazine, the Shiba Inu has made significant progress over the past few days, primarily aimed at revolutionizing the ecosystem of the meme coin.
In particular, the dog-based meme token has secured a massive $12 million in funding from investment giants to support its development. On a related note, Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, DWF Ventures, Morningstar Ventures, Hercules Ventures, and Animoca Brands are among many other companies weighing in on this financing, underscoring investors’ confidence in SHIB’s future endeavors .
Simultaneously, hints of the upcoming Layer 3 blockchain in the magazine gained more attention among crypto market participants. As a result of Shiba Inu’s collaboration with Zama, a layer 3 blockchain based on FHE (Full Homomorphic Encryption) appears to be on the way. This notable move by Meme coin is an effort to offer users unprecedented scalability on the network, further empowering high-volume transactions and seamlessly supporting complex applications.
Additionally, the magazine also noted that the new L3 will use TREAT as its governance and utility token; this is a similar role to that played by BONE in the Shiba Inu’s Layer-2 (L2) Shibarium. This is even further seems to have A flood of optimistic buzz is born for the Shiba Inu Despite today’s negative trade.
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Shiba Inu Price Summary
As of writing, the price of the Shiba Inu token has fallen 8.32% in the last 24 hours and is currently trading at $0.00002505. This drop in price has sparked speculation among cryptocurrency market participants, as the token’s price action contradicts its recent development efforts.
Notably, SHIB’s first quarter saw notable gains not only for the ecosystem’s native token, but also for its ecosystem companions LEASH and BONE. This, combined with the above-mentioned developments and bullish events such as SHIB’s ongoing token burn saga, presents an optimistic scenario for SHIB in the long term.
Shiba Inu Tokens Mirror SHIB’s Downtrends
Meanwhile, The tokens of the Shiba Inu ecosystem, Bone Shibaswap (BONE), Doge Killer (LEASH), and TREAT, simultaneously recorded a price decline that contradicts the extraordinary developments of the community.
BONE’s price is down 4.76% in the last 24 hours and is currently trading at $0.624. LEASH recorded a 5.95% decline over the past day and currently stands at $403.83. Similarly, the newly introduced TREAT token experienced a 14.25% decline and currently stands at $0.001431. this mIt ignores the broader downward trend for the Shiba Inu as the decline in prices attracts further attention.
Additionally, it is worth noting that BONE’s open interest decreased by 12.37%, and this was accompanied by a 16.47% decrease in derivatives volume. On the other hand, SHIB’s open positions decreased by 4.78%, but the token’s derivative volume increased by 3.39%.
The sense of increased trading activity amid SHIB’s price decline provides further implications for the Shiba Inu’s future movements. Meanwhile, on-chain whale activity for the SHIB token has also increased recently, leading to further speculation.
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