The market bloodbath has affected every major crypto project out there. Shiba Inu (SHIB), the popular canine-themed crypto, witnessed its market cap fall below $6 billion. The development led to the token slipping in the rankings, to number 15.
Many are pointing fingers at the ongoing Binance-FTX situation for the current crash. Bitcoin (BTC) fell to yearly lows of $17166. At press time, the original cryptocurrency was trading at $17,640.18, down by 11.9% in the last 24 hours. Ethereum (ETH) on the other hand has fallen by 20.7% in the last 24 hours. Many fear that the second-largest crypto will once again fall below the $1000 mark.
Shiba Inu (SHIB) has equally faced the wrath of the current slump. The token has once again added another zero to its price. SHIB has fallen by 26.5% in the last seven days. Moreover, SHIB’s market cap has taken a beating, falling to $5.5 billion. Moreover, SHIB’s burn rate has also taken a hit, falling by 92.96%.
However, many are hopeful that the Shibarium launch could potentially bring some relief to the token’s price. The highly anticipated layer-2 network for the Shiba Inu ecosystem is scheduled to be launched very soon, although there is no fixed date as of yet. Regardless, the current scenario is very volatile, and as such, development teams could postpone the launch until the markets stabilize.
Shiba Inu enjoys listings despite crash
SHIB is one of the most popular tokens out there. Regardless of the ongoing crash, some exchanges continue to list the popular token.
The latest to list SHIB is StealthEX, a custody-free exchange.
Additionally, NOWPayments has added a BONE payment option on its platform.
Shiba Inu’s popularity and the sheer number of fans help the token to stand out for exchanges. This trait will likely continue as the SHIB Army is one of the most active communities in crypto. However, according to LunarCrush, SHIB’s social mentions and engagements have also taken a toll.
At press time, SHIB was trading at $0.00000946, down by 14.1% in the last 24 hours.