• The SHIB Token team plans to release the Shibarium Public Beta this week.
• Shiba Inu (SHIB) lost the key support level maintained since January 14th, 2023.
• The gas fee token for Shibarium, BONE, also plunged 10% as bears returned.

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.

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.

Shiba Inu Comes Up Short Before Shibarium

Caught up in the bull trap, the memecoin 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 SHIB Token’s developer team confirmed the launch on Monday.

Secondly, Shiba Inu’s metaverse project SHIB: The Metaverse is to be featured in the upcoming SXSW Experience in Austin, Texas. This could be the turning point for the ecosystem, as previously only conceptual artwork had been revealed.

At press time, the #14 ranked memecoin SHIB trades at $0.00000973, according to CoinGecko. The constantly trending canine coin dropped by 8.5% in value over the last 24 hours, but the monthly perspective looks even worse with a 30% deficit.

Shibarium’s intended gas fee token, Bone ShibaSwap (BONE), also plunged by 11.3% in the last 24 hours and 15.2% since last month. At the time of publication, $BONE dropped out of the TOP 100 by global market capitalization once again to occupy #105 and now trades at $1.55, according to CoinGecko.

On the Flipside

• Many Shiba Inu holders report phishing attacks and scams using Shibarium’s name.
• Shy Kusama’s followers have been challenged by investors who don’t approve of the leadership.
• There’s constant verbal altercation between the two camps of the SHIB Army on Discord, Twitter and Telegram.

Why You Should Care

Shiba Inu’s transition into a self-sufficient blockchain can be crucial for the growth of the popular cryptocurrency and its vast community.

Find out more about what’s going on in crypto today:

KuCoin Responds to NY AG Lawsuit Claims: “Yet to Receive Any Legal Documents”

U.S. DOJ Trying to Block Binance’s Acquisition of Voyager Assets

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• Source: https://dailycoin.com/shiba-inu-adds-zero-as-shibarium-bone-plunges-10/