Shiba Inu memecoin raises $12M from institutional investors

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Apr 22 2024

KSM-4.241%

SHIB-3.692%

Should l Buy KSM?

Canine Memecoin Project Funding: Shiba Inu (SHIB) raised $12 million from a private token sale for its upcoming TREAT utility and governance token.
Investors and Venture Capital: Notable investors in the private token sale include Comma 3 Ventures, Big Brain Holdings, and others outside the United States.
Core Developer's Response: Shytoshi Kusama, the anonymous core developer of Shiba Inu, responded to criticism on Telegram, emphasizing dedication to the project.
New Technology Development: Shiba Inu is working on TREAT, a token that will unlock its blockchain with Fully Homomorphic Encryption (FHE) technology.
Future Plans: The funding will be used to build the TREAT platform for applications like encrypted lending platforms and tokenized asset exchanges.

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Technical Analysis for KSM

Technical Sentiment Analysis for Kusama (KSM) As of , Kusama (KSM) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for KSM stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, KSM is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Kusama (KSM) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1.263	2.497	3.663	4.897	6.063	7.297	8.463
Fibonacci	2.497	3.413	3.98	4.897	5.813	6.38	7.297

About KSM

Self-described as 'Polkadot's wild cousin,' Kusama is an experimental blockchain platform that is designed to provide a massively interoperable and scalable framework for developers.Kusama is built on Substrate — a blockchain building kit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot — one of the most successful interoperable blockchains.By deploying on Kusama, fast-paced projects gain access to a highly scalable, interoperable sharded network, with features that are not yet available on Polkadot. To that end, Kusama describes itself as a “canary network.”The platform is designed to provide a testbed for developers looking to innovate and deploy their own blockchain and can be used as a preparatory network before launching on Polkadot — though many projects opt to stick with Kusama for their final product.Kusama benefits from a low barrier to entry for deploying parachains, low bond requirements for validators, and is most commonly used by early-stage startups and for experimentation.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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