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

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.

Shiba Inu 1-day activity:
Current market cap: $4.68B -3.07%
Current market dominance: 0.5773% +0.09413%
Current price: $0.000008331 -3.24%$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 pumps

Congratulations and welcome to all new holders, you have come to the right place

— 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 Play and the App Store for a few weeks.

#SHIBARMY Do you have your #BONE? You’ll need it for #Shibarium

— 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.

Related Posts

Crypto Lender Genesis Owes Crypto Exchange Gemini Clients $900M, FT Report

Crypto lender Genesis owes US-based crypto exchange Gemini customers $900 million, according to a December 3 Financial Times report. The report revealed that Gemini had formed a…

WAHED Projects Donates 5 Million Coins to Fund Autism Research

Investment and philanthropy platform WAHED has donated 5 million of its utility token WAHED Coin to Fondazione Europea Alessandro Cenci (FEAC) at a private event in Rome. …

BNX Price Tanks 80% on Rumors of BinaryX Team Selling Treasury Tokens

The BinaryX BNX token has fallen by over 50% in the last 24 hours following rumors of its developers selling treasury tokens. Rumors surfaced earlier today that…

CryptoArt Sundays: Interview with Mist Grafik

Hey all! Welcome to another epic round of CryptoArt Sundays! I’m so excited once again as  get to introduce you to a new, amazing artist this weekend…

Failed FTX Rescue Attempt Revealed, Putin Calls for Digital Currency Settlements — Week in Review

Shark Tank star Kevin O’Leary has revealed his and Sam Bankman-Fried’s failed attempt to raise $8 billion to rescue the now collapsed crypto exchange FTX. In other…

These Are The Two Critical Levels for BTC to Determine the Mid-Term Trend (Bitcoin Price Analysis)

Bitcoin’s price is approaching a significant level, which could prove decisive for the mid-term trend of the market. Although there are some positive signs on the technical…

Generated by Feedzy