• Shiba Inu (SHIB) has lost the key support level maintained since January 14th, 2023 and BONE plunged 10%.
• SHIB Token team plans to release Shibarium Public Beta this week.
• 85,682,280 SHIB tokens were set ablaze in one of the largest burn transaction this year.
Shiba Inu (SHIB) Loses Key Support
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.
SHIB Army Fights Bear Market with Token Burn
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 SHIB burn transaction has made waves on Twitter, as a whopping 85,682,280 SHIB tokens were set ablaze, breaking the record for largest burn transaction this year.
Upcoming Upgrades Ahead of Shibarium Public Beta
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 confirmed by SHIB Token’s developer team. Secondly, Shiba Inu’s metaverse project SHIB: The Metaverse is to be featured in next month’s SXSW Experience in Austin Texas.
Current Market Cap Overview
At press time #14 ranked memecoin SHI trades at $0.00000973 according CoinGecko and dropped 8.5% in 24 hours and 30% since last month. Meanwhile gas fee token Bone ShibaSwap (BONE) plunged 11.3% over last 24 hours and 15.2% since last month before dropping out TOP100 coins by global market capitalization currently trading at $1.55 according CoinGecko data sources .
It remains to seen if upcoming upgrades will be enough for Shiba Inu regaining some momentum from current bearish trend or it will remain stuck at current lows after having lost key support level despite massive token burns caused by shib army members
• Chiliz launches Chiliz Labs, a $50 million incubator and accelerator program for early-stage blockchain projects.
• Chiliz 2.0 is launching its mainnet soon and preparing to roll out the pilot system for NFT tickets in partnership with FC Barcelona.
• CHZ native token failed to reclaim the $0.15 support line in the market before dropping back down again.
Chiliz Launches Incubator Program
Chiliz (CHZ), the leading sports blockchain, has launched an incubator and accelerator program called Chiliz Labs with a total investment of $50 million USD. The program aims to provide developers with stipends if they are building early stage products on the new blockchain. This comes as Chiliz 2.0 is getting ready for its transition to mainnet this year, which will include rolling out pilot systems for NFT tickets in partnership with FC Barcelona.
Chiliz Announces NFT Ticket Pilots
In celebration of its fifth anniversary, Chiliz released an exclusive Pepper NFT collection on Layer-1 EVM-compatible blockchain that was minted on February 8th, 2023. On top of that, Chiliz has partnered with FC Barcelona since August 2022 and invested $100 million into Barca’s Web3 ventures – including launching pilot systems for NFT tickets using their Layer-1 network in the next couple of weeks.
CHZ Native Token Slumps 8.8%
Despite all of this positive news surrounding Chiliz 2.0, their native token CHZ was unable to reclaim its key resistance line of $0.15 before dropping back down again – resulting in a slump of 8.8%. At press time, CHZ trades at $0.126757 according to CoinGecko and currently ranks #72 among other cryptocurrencies by market capitalization size.
Analysts Predict Potential Rebound For CHZ
Analysts from Wolf Alpha have expressed optimism about CHZ’s potential rebound despite it barely being mentioned these days due to its lacklustre performance in recent months.. They believe that once March rolls around and more people become aware of their upcoming WEB3 Sports Blockchain launch as well as their newly announced incubator/accelerator program that it could have significant bullish implications for CHZ’s price moving forward into 2021 and beyond!
While there is still much uncertainty surrounding where exactly CHZ will end up trading at over the coming weeks/months due to all kinds of different factors impacting both crypto markets generally as well as just how successful Chiliz‘ various projects & initiatives turn out being – overall it appears there may be some light at the end of the tunnel after all!