Shiba Inu (SHIB) Registers 50,000 New Wallets Despite SHIB Price Plunge

Shiba Inu and waste behind a hand holding phone with SHIB coin logo

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.

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.

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 Play and the App Store for a few weeks.

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.