FTX’s infamous liquidity crunch is still counting bodies with the total crypto market cap coming to just $814 Billion, a 2% downturn overnight. The popular memecoin Shiba Inu (SHIB) has to face the music of the crypto winter with a shrunk market cap of $4.68 billion, declining by 3.07% in the last 24 hours, according to LunarCrush.
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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
The FTX-infused crypto earthquake broke the spell on SHIB, with a 9.3% weekly deficit. At press time, the dog-themed memecurrency is changing hands at $0.00000825, according to CoinGecko. The last 24 hours were intense for SHIB, with 5% in red ink. The monthly charts look even worse, with 17.6% in the red.
Despite the harsh conditions, the 15th-ranked memecoin is still favored by Ethereum (ETH) whales, also reaching an important milestone. The SHIB Army keeps growing, with a new ATH (all-time high) in total wallet holders. Currently, it’s 1,280,917, which signals a growth of nearly 50,000 new wallets in the last two weeks.
#SHIBARMY There are 50,000 new #SHIB holders in the last 2 weeks People are starting to understand that it is in the bloodbaths that you have to buy and not during the pumpsCongratulations and welcome to all new holders, you have come to the right place pic.twitter.com/uFDARgIOJj— SHIBARMY CANADA (@Dezaxe) November 22, 2022
The SHIB Army Is Getting Ready For Shibarium
While retail customers are exploring options aside from centralized crypto exchanges, SHIB developers are looking to develop a self-sufficient ecosystem with Shibarium, the Layer-2 upgrade. This includes all three tokens of the SHIB Ecosystem, with Bone ShibaSwap (BONE) used for gas fees.
On top of that, the Shibarium upgrade powers the Web 3.0 project SHIB: The Metaverse, which is going to be presented at the Immerse Global Summit in Miami in a couple of weeks. While no official date for the Shibarium launch has been announced, Shytoshi Kusama is confirmed to be working on it. The testing phase includes Shiba Eternity, the collectible card game which was in the spotlight on Google (NASDAQ:GOOGL) Play and the App Store for a few weeks.
#SHIBARMY Do you have your #BONE? You'll need it for #Shibarium pic.twitter.com/sKym5ys2Ac— AdRock (@0xAdRock) November 21, 2022
On the Flipside
- The SHIB burn rate dropped by 61.41% in the last 24 hours, according to Shibburn.
- The currently harsh crypto market conditions might delay the launch of Shibarium.
Why You Should Care
Shiba Inu (SHIB) has one of the most active crypto communities and is among the leaders in retail adoption.
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