The total crypto market cap has fallen to $814 Billion, a drop of 2% overnight, as the infamous liquidity crunch on FTX continues to claim victims. According to data from LunarCrush, the value of the widely used memecoin Shiba Inu (SHIB) has gone down by 3.07% in the last 24 hours, to $4.68 billion. Despite SHIBA price drop, 50,000 new Shiba Army wallets were registered
Shiba Inu 1-day activity: Current market cap: $4.68B -3.07%Current market dominance: 0.5773% +0.09413%Current price: $0.000008331 -3.24%https://t.co/laPEVhIuzm$shib #shibainu
— Salman Khan (@EngrSalman_khan) November 22, 2022
The FTX Storm Sets Off On Shiba Inu
Breaking the enchantment of SHIB, a 9.3% weekly loss was caused by the crypto earthquake fueled by FTX. According to CoinGecko, the current price of one canine-themed memecoin is 0.000000825. SHIB has had a tumultuous last 24 hours, losing 5% of its value. When looking at monthly data, things are even more dismal, being down 17.6%.
Even though it’s been through a lot, the 15th-ranked memecoin is still loved by Ethereum (ETH) whales, marking a significant achievement. There has been a new all-time high in the number of SHIBA Army wallet holders. The current value of 1,280,917 indicates that over the past two weeks, nearly 50,000 additional wallets have been created.
SHIBARMY In the past two weeks, 50,000 people have become SHIB holders. A growing number of consumers realize that the best time to buy is during bloodbaths, not at the pumps. If you’re a new holder, you’ve found the right place to be. pic. twitter.com/uFDARgIOJj
— SHIBARMY CANADA (@Dezaxe) November 22, 2022
The SHIB Army Is Getting Ready For Shibarium
Layer-2 upgrade Shibarium is part of SHIB’s plan to create a decentralized ecosystem as retail customers look for alternatives to centralized crypto exchanges. Bone ShibaSwap (BONE) is one of the three SHIB Ecosystem tokens and is used to pay for gas.
As an added bonus, the Web 3.0 project SHIB: The Metaverse, which will be showcased at the Immerse Global Summit in Miami in a few weeks, is powered by the Shibarium upgrade. While no release date for Shibarium has been announced, it is confirmed that Shytoshi Kusama is working on it. Shiba Eternity, the collectible card game that received a lot of attention on Google (NASDAQ:GOOGL) Play and the App Store for a period of time, is currently in the testing phase.
#SHIBARMY Do you have your #BONE? You’ll need it for #Shibarium pic.twitter.com/sKym5ys2Ac
— AdRock (@0xAdRock) November 21, 2022
On the Flipside
- According to Shibburn, the SHIB burn rate has decreased by 61.41 percent over the past 24 hours.
- Shibarium’s release could be pushed back if the current bearish cryptocurrency market conditions persist.
Why You Should Care
When it comes to retail adoption, the Shiba Inu (SHIB) cryptocurrency is among the frontrunners.
Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
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