• 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 .
Conclusion
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