Shiba Inu (SHIB) Adds a Zero on Shibarium Beta Launch

• Shiba Inu (SHIB) lost the key support level maintained since January 14th, 2023 and added a zero to its price.
• The SHIB Token team plans to release the Shibarium Public Beta this week.
• The community contributed towards maintaining SHIB’s price by burning tokens on Shibburn.

Shiba Inu (SHIB) Plunges 10%

The popular Japanese guard dog-themed cryptocurrency Shiba Inu (SHIB) lost a multi-month fundamental support level and added a zero to its price. As the global crypto market cap falls short of $1 trillion once again, SHIB plummeted by 8.5% in value over the last 24 hours, with a 30% deficit since last month.

Shibarium Public Beta

The SHIB Token team plans to release the Shibarium Public Beta this week as an effort to fight against the bear market. To do so, the community, popularly known as the SHIB Army, contributed towards maintaining SHIB’s price by burning desired amount of tokens on Shibburn. One particularly large burn transaction has made waves on Twitter recently, as 85,682,280 SHIB tokens were set ablaze – breaking one record for largest burn transaction this year.

Shib: The Metaverse

Aside from supporting their token prices via burns, Shiba Inu is also trying to gain momentum with highly-anticipated upgrades. The project’s metaverse “SHIB: The Metaverse” is set to be featured in the upcoming SXSW Experience in Austin, Texas – only conceptual artwork had been revealed prior to this announcement..

Gas Fee Token Plummets

The gas fee token for Shibarium – Bone ShibaSwap (BONE), also plunged by 11.3% in value over the past 24 hours and 15.2% since last month – dropping out of TOP 100 coins by global market capitalization once again and now trading at $1.55 according to CoinGecko data .

Conclusion

The prolonged crypto winter bears have returned and affected Shiba Inu’s (SHIb) prices drastically , causing it drop almost 10%. However , there are several upgrade projects that can potentially help revive its momentum , such as releasing public beta version of Shibarium or featuring “Shib: The Metaverse” at SXSW Experience event . Though gas fee token BONE also saw a plunge in prices , it still remains within top hundred coins by global market capitalization .