• Shiba Inu (SHIB) token lost its key support level, causing it to add a zero to its price.
• The SHIB Army contributed by burning tokens on Shibburn, with the largest transaction of 85,682,280 SHIB tokens broken this year’s record.
• Shibarium is set to release the Public Beta this week and will be featured in the upcoming SXSW Experience in Austin, Texas.
Shiba Inu (SHIB) Price Plunges 10%
The bears of the prolonged crypto winter have returned to do a number on the popular Japanese guard dog-themed cryptocurrency Shiba Inu (SHIB). As the global crypto market cap falls short of $1 trillion once again, SHIB lost a multi-month fundamental support level and added a zero to its price. At press time, the #14 ranked memecoin SHIB trades at $0.00000973 according to CoinGecko, having dropped 8.5% in value over 24 hours and 30% since last month.
The ‚SHIB Army‘ Contributes Towards Maintaining Token Value
In order to fight the bear market, the community popularly known as the SHIB Army contributed towards maintaining SHIB’s price by burning a desired amount of tokens on Shibburn. Today one particularly large burn transaction made waves on Twitter as 85,682,280 SHIB tokens were set ablaze – breaking the record for largest burn transaction this year.
Upcoming Projects For Shiba Inu Ecosystem
Caught up in the bull trap, Shiba Inu is trying to regain momentum with a few highly-anticipated upgrades. Firstly most of the community is waiting for Shibarium Public Beta to drop this week as SHIB Token’s developer team confirmed launch on Monday; Secondly Shiba Inu’s metaverse project ‚SHIB: The Metaverse‘ is set to be featured in SXSW Experience in Austin Texas – possibly turning point for ecosystem as previously only conceptual artwork had been revealed.
Bone ShibaSwap Plunges 10%
Shibarium’s intended gas fee token Bone ShibaSwap (BONE) also plunged by 11.3% in last 24 hours and 15.2% since last month; At time of publication BONE dropped out from TOP 100 by global market capitalization occupying #105 and trading at $1.55 according to CoinGecko.
Despite recent losses experienced by both Shiba Inu (SH