The bear market proved to be detrimental to the entire market. Almost every coin suffered from meme coins to the world’s largest crypto. Shiba Inu [SHIB] and its widespread adoption and increased community interest failed to reflect its price. While the meme coin has been on a downtrend for the longest time, mild recovery brought bliss into the Shib community.
Throughout 2021 and 2022, the Shiba Inu Army has been rooting for the asset to eliminate a zero. However, the dominance of the bears added another zero to SHIB’s price. Some were okay with this as every other coin in the market was experiencing a similar notion. But, many decided to withdraw from the meme crypto, fearing increased loss.
Earlier today, the meme coin managed to kick out a zero from its price. Last week, SHIB added another zero as its price dipped to a low of $0.000009622. But with its increased trading volume, Shiba Inu managed to soar to a high of $0.00001089 in the last 24 hours.
Even though SHIB remains 88 percent below its all-time high of $0.00008845, the latest price movement comes as a great respite.
Despite this, Ethereum [ETH] whales continued expressing interest in Shiba Inu. The asset managed to veer back into the top ten most purchased tokens among the 1000 biggest ETH whales list earlier today.
What’s Shiba Inu’s lead dev Shytoshi Kusama cooking?
After radio silence, Shytoshi Kusama, the lead developer at Shiba Inu, revealed that he had “a LOT to say.” No further hints or details were given. However, following the 4th of July, the developer delayed the announcement.
While some hope it’s big news that is good for the ecosystem, others were not excited as it was “only another medium post.” But the vast community believes the announcement is about the highly anticipated Shibarium. The Shiba Inu layer-2 solution has been in the works for some time. While a tentative launch date of Q3 was out, the community clearly couldn’t wait any longer.
The cryptic tweet has undoubtedly sparked interest in the community and could have also impacted the price. Today, SHIB was trading for a high of $0.00001089 as it surged by 7 percent, higher than most cryptocurrencies.