FTX’s infamous liquidity crunch continues to count the bodies as the total cryptocurrency market cap comes to just $814 billion, which is a 2% drop overnight. The popular memecoin (SHIB) should face the crypto music winter with a shrinking market capitalization of $4.68 billion, down 3.07% in the past 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
An FTX storm is taking place in the Shiba Inu
The FTX-saturated cryptocurrency earthquake broke SHIB’s spell, with a weekly deficit of 9.3%. At time of publication, the dog-themed memecurrency has changed hands at $0.00000825, according to Queen Gekko. The past 24 hours has been intense for SHIB, with 5% in red. The monthly charts look even worse, showing 17.6% in the red.
Despite the harsh conditions, whales (ETH) still favor 15th-ranked Mimcoin, and it has also reached an important milestone. The SHIB army continues to grow, with new ATH (all-time high) in total wallet holders. Currently, they are at 1,280,917, which indicates the 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 realize that in bloodbaths you have to buy them not during pumps congrats and welcome to all the new #SHIB holders you’ve come to the right place pic.twitter.com/uFDARgIOJj
— Shiparmi Canada (@Dezaxe) November 22, 2022
Ship’s army prepares for the shipparium
As retail customers explore options apart from centralized crypto exchanges, SHIB developers are looking forward to developing a self-sustaining ecosystem using Shibarium, a Layer-2 upgrade. This includes all three tokens of the SHIB ecosystem, with Bone ShibaSwap (BONE) being used for gas charges.
Furthermore, the Shibarium upgrade powers the Web 3.0 project SHIB: The Metaverse, which will be presented at the Immerse Global Summit in Miami in two weeks. While no official release date for Shibarium has been announced, it has been confirmed that Shitoshi Kusama is working on it. The testing phase includes Shiba Eternity, the collectible card game that’s been in the spotlight on Google (NASDAQ:) Play and the App Store for a few weeks.
#SHIBARMY Do you have your own #BONE? You’ll need it for #Shibarium pic.twitter.com/sKym5ys2Ac
— AdRock (@0xAdRock) November 21, 2022
on the flip side
- SHIB’s burn rate has decreased by 61.41% in the past 24 hours, according to SHIB.
- The currently severe crypto market conditions may delay the launch of Shibarium.
Why should you bother
Shiba Inu (SHIB) has one of the most active crypto communities and is among the leaders in hash adoption.
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