Is Shiba Inu poised for a monumental leap compared to BEFE? Can traders expect profits reaching 500% by 2024?

Over the past week, Shiba Inu has seen a remarkable increase of 50%, climbing to $0.00001425. This marks the most significant weekly gain since early February. Prior to this, SHIB’s value had reached $0.00001193 back in December, buoyed by a favorable market sentiment and hopes surrounding Bitcoin’s ETF approval.

In January, Shiba Inu's price dipped below the crucial $0.00001 mark, mirroring trends seen across many cryptocurrencies amid escalating market volatility. After a short period of stabilization above $0.000009, SHIB hit a low of $0.0000082 before making a stunning comeback, soaring to $0.00001467 this week.

The positive sentiment is bolstered by a Relative Strength Index (RSI) that is currently neutral yet on the rise. Should Shiba Inu find itself in the overbought zone this weekend, it could trigger a significant price surge, enticing more buyers to place their bids.

Optimism continues to thrive, supported by the Moving Average Convergence Divergence (MACD) indicator, suggesting that SHIB still has upward momentum. The bullish trend gained strength after a buy signal was generated last week, encouraging traders to either hold on to their assets or increase their purchases for greater exposure, thereby pushing prices even higher.

The Shiba Inu community applauds the token burn initiative, widely regarded as one of the most impactful strategies in the market. The removal of 410 trillion tokens has left 581 trillion in circulation. Out of a total supply of 589 trillion, approximately 7.6 trillion tokens are currently locked in staking agreements.

Shytoshi Kusama, the leader of the Shiba Inu project, recently announced a groundbreaking collaboration on Twitter. He shared a post from Shib Magazine revealing a partnership with Zama, a pioneering open-source cryptography firm known for its innovative Fully Homomorphic Encryption (FHE) solutions for blockchain and AI.

Kusama underscored the importance of this collaboration, labeling it as a significant milestone and urging the SHIB community to reflect on the implications of encryption and privacy within both the project’s framework and the broader Shib Ecosystem. This partnership signifies a crucial advancement toward a more secure and private blockchain future, as highlighted in a recent SHIB magazine article.

Furthermore, Tangem has teamed up with the Shibarium Network to enhance the infrastructure of the Shiba Inu ecosystem significantly. This collaboration aims to deliver secure cold wallet solutions for SHIB holders.

The partnership assures SHIB token holders that their assets are securely stored and managed using Tangem’s reputable technology, addressing an urgent need for improved security and convenience. Such pivotal developments undoubtedly cultivate greater confidence among investors and could lead to further price growth.

In the fast-paced realm of meme coins, others like PEPE, Dogecoin, and BEFE have also shown bullish characteristics. In just the past week, BEFE BEFE has notably surged by 24.28%, revealing an encouraging trend in market dynamics. Investors are closely watching BEFE’s performance, filled with optimism regarding its future potential. It stands strong as a noteworthy competitor against established meme coin players, with many analysts predicting further upward momentum for this coin.

Shiba Inu remains a darling among investors, with its popularity continuing to escalate. While its price has experienced some fluctuations, the overarching trend remains bullish, leading to noteworthy gains.