• Shiba Inu (SHIB) lost the key support level maintained since January 14th, 2023, plunging 10%.
• The SHIB Token team plans to release Shibarium Public Beta this week.
• A whopping 85,682,280 SHIB tokens were set ablaze in the largest burn transaction of the year.
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 with an 8.5% loss over 24 hours and 30% deficit since last month. The intended gas fee token for Shibarium – Bone ShibaSwap (BONE) – also plunged by 11.3% in value over 24 hours and 15.2% since last month now occupying #105 position according to CoinGecko’s rankings with $1.55 per token at press time.
The Community Fights Back
In order to fight the bear market, the community commonly known as the SHIB Army contributed towards maintaining SHIB’s price by burning desired amounts of tokens on Shibburn platform. Today’s record breaking burn transaction saw 85 million tokens being set ablaze which has made waves across Twitter and other social media sites.
Upcoming Developments for Shiba Inu
Caught up in the bull trap, Shiba Inu is trying to regain momentum with several highly-anticipated upgrades from its community such as Shibarium Public Beta launch planned this week and SXSW Experience featuring their metaverse project SHIB: The Metaverse scheduled for Austin, Texas later this year which could be a turning point for the ecosystem given that only conceptual artwork had been revealed before this announcement was made.
The Record Breaking Burn Transaction
A whopping 85 million SHIB tokens were set ablaze today breaking all records of burn transactions seen this year so far pointing towards strong commitment from community members who are fighting against bear market by contributing their own resources towards maintaining prices of their favorite meme coin – something no other project has achieved before them!
Shiburn burns continue to break records every day showing that even in times of bear markets there are still plenty of opportunities out there for investors looking for long term growth prospects within crypto space without having to worry about immediate losses or crashes like what we witnessed after 2017s bull run when majority of altcoins crashed hard even though Bitcoin managed to survive due its strong fundamentals but not many others did