• Shiba Inu (SHIB) lost the key support level maintained since January 14th, 2023.
• The SHIB Token team plans to release the Shibarium Public Beta this week.
• BONE, the gas fee token for Shibarium, also plunged 10% as bears returned.
Shiba Inu (SHIB) 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, SHIB trades at $0.00000973 according to CoinGecko and has dropped 8.5% in value over the last 24 hours and 30% since last month.
Shibarium’s intended gas fee token Bone ShibaSwap (BONE) also plunged by 11.3% in the last 24 hours and 15.2% since last month. At the time of publication, $BONE dropped out of the TOP 100 by global market capitalization once again to occupy #105 and now trades at $1.55 according to CoinGecko.
Shibburn Tokens Set Ablaze
In order to fight the bear market, the community, known as SHIB Army, contributed towards maintaining SHIB’s price by burning desired amount of tokens on Shibburn. Today a whopping 85,682,280 SHIB tokens were set ablaze breaking record for largest burn transaction this year on Twitter.
Upcoming Upgrades for SHIB
Caught up in bull trap Shiba Inu is trying regain momentum with few highly anticipated upgrades: Firstly most of community is waiting for Shibarium Public Beta which developer team confirmed will drop this week; secondly Shiba Inu’s metaverse project SHIB: The Metaverse is featured upcoming SXSW Experience Austin Texas which could be turning point for ecosystem previously only conceptual artwork had been revealed so far .
The entire crypto market is facing immense pressure due to bearish sentiment and it looks like some coins are still struggling against it despite best efforts from loyal communities such as that of Shiba Inu’s SHIB Army who are trying hard to maintain their coin’s price through burning tokens on Shibburn platform but overall situation doesn’t look very positive right now however if upcoming upgrades turn out successful then things can change drastically over coming weeks or months .