von • Shiba Inu (SHIB) lost its multi-month fundamental support level and added a zero to its price.
• The SHIB Army contributed towards maintaining SHIB’s price by burning tokens on Shibburn.
• $BONE, the gas fee token for Shibarium, also plunged 10% as bears returned.
Shiba Inu (SHIB) Price Add a Zero
Shiba Inu (SHIB) has experienced a major decline in value, losing its key support level since January 14th, 2023. This resulted in the memecoin adding another zero to its price with a 8.5% drop over the last 24 hours, and 30% deficit since last month.
SHIB Army Burn Tokens
To fight against the bear market, the community of Shiba Inu supporters known as the SHIB Army have been contributing towards maintaining SHIB’s price by burning tokens on Shibburn. A record breaking amount of 85,682,280 SHIB tokens were set ablaze in one transaction recently – making waves on Twitter.
Shibarium Public Beta Launch
The team behind SHIB Token plans to release their public beta version this week in hopes of regaining momentum for the digital asset and possibly turn around the prolonged crypto winter situation. The upcoming SXSW Experience will also feature Shiba Inu’s metaverse project called “SHIB: The Metaverse” which could be an important turning point for the ecosystem.
Bone ShibaSwap (BONE) Plunges 10%
The gas fee token for Shibarium named Bone ShibaSwap (BONE) has also been affected by this bearish market trend with a 11.3% drop over 24 hours and 15.2% decrease since last month. At press time BONE is out of TOP 100 ranked coins according to CoinGecko with current trading price of $1.55 per coin.
Conclusion
This crypto winter has caused a considerable damage to popular Japanese guard dog-themed cryptocurrency Shiba Inu (SHIB). Even though it maintains some hope with upcoming upgrades such as Shibarium Public Beta launch and SXSW Experience participation – both memecoin and its intended gas fee token have dropped drastically in value due to bearish market conditions prevailing at large scale across global crypto marketspace currently below $1 trillion mark once again .
