• Shiba Inu (SHIB) lost key support level, adding a zero to its price.
• 85,682,280 SHIB tokens burned in record-setting transaction.
• Shibarium Public Beta planned for this week; BONE token plunges 10%.
Shiba Inu Token Price Plunges
The popular Japanese guard dog-themed cryptocurrency Shiba Inu (SHIB) has lost its long-maintained key support level and added a zero to its price as the global crypto market cap falls short of $1 trillion once again. The bears of the prolonged crypto winter have returned with a vengeance.
Record Setting SHIB Burn Transaction
In order to fight the bear market, the community known as the SHIB Army contributed towards maintaining SHIB’s price by burning a desired amount of tokens on Shibburn. Today there was one particularly large burn transaction that made waves on Twitter – an astonishing 85,682,280 SHIB tokens were set ablaze, setting a new record for largest burn transaction this year.
Upcoming Upgrades and Events
To regain momentum during this bearish time, the memecoin is trying to implement several highly-anticipated upgrades and events. Firstly, most of the community is waiting for Shibarium Public Beta to drop this week. Secondly, Shiba Inu’s metaverse project SHIB: The Metaverse will be featured in the upcoming SXSW Experience in Austin Texas.
Current Market Status
At press time, Shiba Inu (SHIB) trades at $0.00000973 according to CoinGecko and has dropped by 8.5% in value over the last 24 hours – with an even worse deficit of 30% since last month. Additionally, Bone ShibaSwap (BONE), which is intended as gas fee token for Shibarium also plunged by 11.3% within 24 hours and 15.2% since last month – dropping out of Top 100 by global market capitalization once again and trading at $1.55 according to CoinGecko at time of publication .
Conclusion
The memecoin Shiba Inu (SHIB) has fallen victim to bearishness after losing its fundamental support level – but with multiple upgrades scheduled and events planned it will be interesting to see if it can regain momentum anytime soon or not..