FTX’s infamous liquidity crisis still counts bodies whose total crypto market cap reaches just $814 billion, down 2% overnight. Popular meme coin Shiba Inu (SHIB) faces the music of crypto winter with a low market cap of $4.68 billion, down 3.07% over the past 24 hours, according to LunarCrush.
The FTX Storm Sets Off on Shiba Inu
The FTX-infused crypto quake broke SHIB’s ban and posted a 9.3% weekly deficit. At press time, the dog-themed meme coin is changing hands for $0.00000825, according to CoinGecko. The last 24 hours have been intense for SHIB, with 5% in red ink.
The monthly charts look even worse at 17.6% down. Despite the harsh conditions, meme coin remains the favorite of Ethereum (ETH) whales at No. 15, also hitting a major milestone. The SHIB army continues to grow, with a new ATH (all-time high) in total wallet holders. It is currently 1,280,917, indicating growth of almost 50,000 new portfolios in the last two weeks.
The SHIB Army Is Getting Ready for Shibarium
As retail customers explore options other than centralized crypto exchanges, SHIB developers are trying to create a self-sustaining ecosystem with Shibarium, the Layer 2 upgrade. This includes all three SHIB ecosystem tokens, using Bone ShibaSwap (BONE) for gas fees. On top of that, the Shibarium update boosts the web 3.0 project SHIB: The Metaverse, which will be presented at the Immerse Global Summit in Miami in a few weeks. Although there is no official release date for Shibarium has been announced, yet, it has been confirmed that Shytoshi Kusama is working on it.
The trial period includes Shiba Eternity, the trading card game that has been in the spotlight on Google Play and the App Store for a few weeks.