Shiba Inu, a meme currency with a lot of social media hype, is trading with a lot of selling pressure due to the global cryptocurrency market being crushed by the bears for a month now.
The broader crypto market capitalization has plunged by 20.64% over the last 24hrs positioned at $1.25 trillion.
Some Interesting News For Shibarmy
Since the year 2022 began, investors’ interest has been fading over the Shiba Inu, the second largest meme currency after Dogecoin. However, there is some news that’s been popping up through the SHIB’s lead developer Shytoshi Kusama as the developer has dropped a hint regarding some future projects for the Shibarmy
SHIB’s popular influencer Milkshake revealed that there was a meeting with the Red Bull Team earlier this week. Shytoshi Kusama also spoke about his conversation with the Red Bull crew. The Shiba Inu Holders’ curiosity and excitement about future partnerships grew as a result of interesting associations.
The chief developer teased the Shibarmy in the most recent statement, stating that things would become interesting in the following week. He even said that he saw some artwork for Shiba Inu’s Collectible Card Game from Playside Studios (SHIB CCG). Kusama also expressed his desire to share it with the community. For some interesting depth of the Shiba Inu CCG plot, the team is creating a SHIB narrative.
On the other hand, after the completion of the major Red Bull meeting, the community is looking forward to seeing the partnership between the two. SHIB’s emblem may later appear on Redbull’s racing vehicles and stunt planes at various events.
Impact On SHIB’s Price
To boost the token’s utility, the SHIB team came up with a variety of initiatives and viewpoints. From releasing its own Metaverse to launching the official burn portal, there has been no beneficial impact on the Shiba Inu token’s price. In the last three months, SHIB prices have dropped by more than 54%.
At the time of reporting, the Shiba Inu is changing hands at $0.00001156 with a decrease of 2.59% over the last 24hrs. At present, the Shiba Inu has a market valuation of roughly $6.3 billion following the latest fall. The company’s 24-hour trading volume has dropped by 25% to $300 million. Meanwhile, since its creation, the official SHIB burn portal has delivered over 49.5 billion Shiba Inu coins to a dead wallet.
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Source: https://coinpedia.org/altcoin/shib-price-traders-need-to-keep-eye-on-shiba-inu-in-coming-week-heres-why/