• Shiba Inu (SHIB) lost a key support level, adding a zero to its price
• The SHIB Army burned 85,682,280 SHIB tokens in record-breaking transaction
• Shibarium Public Beta and SXSW Experience could be turning points for the ecosystem

Shiba Inu Price Plunges 10%

The popular Japanese guard dog-themed cryptocurrency Shiba Inu (SHIB) has lost the key support level maintained since January 14th, 2023. As the global crypto market cap falls short of $1 trillion once again, SHIB lost 10% of its value with bears returning in full force.

The SHIB Army Burn Record Amount of Tokens

In order to fight the bear market, the community 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 broke records as 85,682,280 SHIB tokens were set ablaze.

Shibarium Public Beta Launch

The memecoin is trying to regain momentum with some highly-anticipated upgrades. Firstly, most of the community is waiting for Shibarium Public Beta to drop this week as confirmed by the SHIB Token developer team.

SHIB: The Metaverse Featured at SXSW Experience

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

BONE Plunges Below TOP 100 Cryptos

Shibarium’s intended gas fee token Bone ShibaSwap (BONE) also plunged by 15% since last month and dropped below Top 100 cryptos according to CoinGecko. At press time BONE now trades at $1.55 and occupies #105 spot on CoinGecko list.