• 29 May, 2024
News

Shiba Inu (SHIB) Price Sees Modest 4.17% Gain as It Launches ShibariumSSI

Shiba Inu (SHIB), a popular meme coin project, has launched ShibariumSSI, a new product to enhance user control over personal data and privacy. Announced via a tweet on August 4, ShibariumSSI utilizes self-sovereign identity technology, empowering users to share and retain custody of their data selectively. This reduces reliance on centralized entities such as social media platforms and financial institutions for personal data storage.

According to the tweet, ShibariumSSI would be “ZK compliant,”, meaning it uses zero-knowledge proofs to validate information without actually revealing the underlying data. This cryptographic technique is considered key for preserving privacy in blockchain-based systems.

Meanwhile, the leading crypto exchange Binance made an important update to its loan services by adding Shiba Inu (SHIB) as one of the collateral assets for both Flexible Loan and VIP Loan. This means that users can now use their SHIB holdings as collateral to borrow cryptocurrencies through the Flexible Loan service, which offers greater flexibility without committing to a specific loan term. Using the VIP Loan option, institutional and individual users can also leverage their SHIB assets with competitive rates, terms, and services.

The launch comes at a time of heightened concern around data privacy and security. Recent high-profile hacks and data breaches have underlined the risks associated with storing personal information on centralized servers. Self-sovereign solutions like ShibariumSSI offer an alternative model where users control who could access their data.

Shiba Inu’s huge community of investors and supporters would likely test drive ShibariumSSI in large numbers. If adoption is strong, it could demonstrate the real-world utility of self-sovereign identity and spur wider implementation across blockchain platforms. This would be a boon for user privacy.

The rollout of ShibariumSSI represents an expansion of Shiba Inu’s ecosystem beyond memes and speculative trading. Supporters would be watching eagerly to see if the project could transition successfully to providing core privacy-protecting technologies.

Shiba Inu has been making headlines as a popular meme-based cryptocurrency. As of August 4, 2023, the price of SHIB stands at $0.000008537. Over the last 24 hours, the coin has experienced a modest gain of 4.17%, suggesting a potential bullish trend in the short term.

Source : TradingView

The short-term technical analysis reveals some key levels to watch. The immediate resistance level to watch is $0.000009, corresponding to the recent high. A break above this level could indicate further upward movement in the price. On the other hand, the first major support level is at $0.000008, which coincides with the recent low. If SHIB’s price drops below this level, it might signal increased selling pressure and lead to a deeper pullback.

Analyzing moving averages could provide valuable insights as well. Traders often look for bullish crossovers, such as the short-term moving average (e.g., 50-day) crossing above the long-term moving average (e.g., 200-day), as it might suggest a positive sentiment in the market.

The Relative Strength Index (RSI), a momentum oscillator, is currently above 50, indicating bullish momentum. A reading below 50 could suggest bearish momentum. Moreover, traders should pay attention to trading volume patterns. Increasing volume during price rallies might signify strong buying interest while decreasing volume during price declines could indicate a weakening bullish trend.

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