• bitcoinBitcoin(BTC)$27,209.00-2.39%
    BITCOIN
    24H : -2.39%
    Volume : $18,753,141,697.00
    Marketcap : $525,250,832,292.00
  • ethereumEthereum(ETH)$1,714.77-2.91%
    ETHEREUM
    24H : -2.91%
    Volume : $9,754,382,720.00
    Marketcap : $206,243,125,271.00
  • tetherTether(USDT)$1.00-0.16%
    TETHER
    24H : -0.16%
    Volume : $29,530,531,478.00
    Marketcap : $79,306,267,103.00
  • binancecoinBNB(BNB)$308.54-5.99%
    BNB
    24H : -5.99%
    Volume : $1,031,404,867.00
    Marketcap : $48,608,807,277.00
  • usd-coinUSD Coin(USDC)$1.000.050%
    USD COIN
    24H : 0.050%
    Volume : $4,551,884,924.00
    Marketcap : $33,493,449,537.00
  • rippleXRP(XRP)$0.4817.15%
    XRP
    24H : 7.15%
    Volume : $3,280,550,908.00
    Marketcap : $24,844,298,760.00
  • cardanoCardano(ADA)$0.345-2.91%
    CARDANO
    24H : -2.91%
    Volume : $338,569,366.00
    Marketcap : $12,071,773,622.00
  • dogecoinDogecoin(DOGE)$0.073-1.41%
    DOGECOIN
    24H : -1.41%
    Volume : $557,526,600.00
    Marketcap : $10,145,024,365.00
  • staked-etherLido Staked Ether(STETH)$1,710.21-2.88%
    LIDO STAKED ETHER
    24H : -2.88%
    Volume : $22,421,889.00
    Marketcap : $10,036,165,721.00
  • matic-networkPolygon(MATIC)$1.05-4.77%
    POLYGON
    24H : -4.77%
    Volume : $480,345,375.00
    Marketcap : $9,514,491,092.00
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • Swap Crypto
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • Swap Crypto
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home Markets

Shiba Inu’s Value Falls by 1.27% in the Last 24 Hours

Will the Upcoming Shibarium Public Beta Launch Drive Greater Adoption of Shiba Inu?

10 March 2023
in Markets
Reading Time: 7 mins read
106 2
Shiba Inu’s Value Falls by 1.27% in the Last 24 Hours

Image source: watcher.guru

Contents

  • Could Shibarium’s Public Beta Launch Lead to a Surge in Shiba Inu Adoptions?
    • The new protocol is attracting developers and enthusiasts…
    • … and the market is responding.
  • Price Analysis for Cryptocurrencies Including BTC, ETH, BNB, XRP, and ADA

Shiba Inu (SHIB) has dropped by 1.27% in the last 24 hours due to the cryptocurrency market’s negative reaction to the possibility of another Fed rate hike. 

Image source: coinmarketcap.com

Rick Rieder, chief investment officer for global fixed income at BlackRock, reportedly stated that they believe the Federal Reserve will likely raise the Fed Funds rate to 6% and maintain it for a long time to slow the pace of the economy and bring inflation to about 2%.

Despite this decline, the current price stands at $0.00001095, which reflects a decrease of 9% over the previous week and 24% over the last 30 days. However, the price has increased by 35% year-to-date. 

Despite the current decline, there is a good chance that SHIB may rise later this week due to the upcoming public beta release of Shibarium, the Layer 2 network for Shiba Inu.

Attention #SHIBARMY 🚨

We’re thrilled to announce that #SHIBARIUM Public Beta will be launching THIS WEEK! 🎉

Make sure you’re following our official socials over the next few days as we reveal all the details on how to access the beta website. Hail Shib! #ShibariumBeta 🦴 pic.twitter.com/0fG3u3mY4S

— Shib (@Shibtoken) March 7, 2023

The Shibarium team has invested several months of development and testing into their Layer 2 solution, which aims to provide the SHIB community with numerous benefits, such as faster and more cost-effective transactions, increased scalability, and enhanced security.

Could Shibarium’s Public Beta Launch Lead to a Surge in Shiba Inu Adoptions?

Shibarium is a Layer 2 blockchain currently under development and will be connected to the Shiba Inu coin. The blockchain is being built on the Ethereum network, which serves as the foundation for Shiba Inu and its entire ecosystem.

The creation of the Shibarium is a significant milestone in the Shiba Inu universe as it serves as a scaling solution. This allows Shiba Inu to operate seamlessly and expand its operations despite the growing demand for its systems.

The Shibarium network uses an upgraded method to permanently decrease the token supply of Shiba Inu coins, resulting in their “burning” and elimination. This approach addresses sustainability-related issues and enhances the value of the remaining coins for holders.

The new protocol is attracting developers and enthusiasts…

Quick Reminder

Many projects will be built on #SHIBARIUM Layer 2 Blockchain.

Just like #ETHEREUM, #BITCOIN , #SOLANA, #CARDANO, #MATIC , ETC.#Shibarium WILL BURN TRILLIONS OF $SHIB‼️🙏

This is a fact 💯👍#SHIB #SHIBA #ShibaInu #SHIBARMY #ShibaArmy #SHIBARMYSTRONG 💪 pic.twitter.com/LnDaBspGAC

— SHIB Bezos (@BezosCrypto) March 8, 2023

Several initiatives, including the Metaverse and NFTs, are utilizing the Shibarium protocol for their development. The Shiba Inu Metaverse project, in particular, is noteworthy as it presents a promising new use case for the SHIB token.

There are 100,595 land plots in the Shiba Inu-themed Metaverse. They are divided into four distinct districts: the Growth District, the Defense District, the Technology District, and the Currencies District. Individuals who possess virtual land plots in the Metaverse can rename them by paying a fee in SHIB tokens.

The increased appeal of this ecosystem to DeFi and other sectors of the crypto economy will result in more SHIB adoption and a rise in user numbers. Since the meme token has dropped significantly more than other tokens recently, this could be the perfect opportunity for SHIB to increase its demand.

Shiba developers released a guide in January 2023 explaining how Layer 2 will work, including information on gas, validator choice, and incentives. Lead developer Shytoshi Kusama explained in a blog post that this Layer 2 network would facilitate the expansion of Shibarium’s presence in professional enterprises and help rekindle relationships with organizations they have engaged with in the past. Additionally, it will aid in identifying the appropriate validators.

On February 27, 2023, Kusama created Shibarium’s new website, Twitter account, and intake form as part of an initiative to attract potential employees. The intake system aims to expand Shibarium’s reach among professional companies and locate competent validators for its Layer 2 solution.

According to Kusama, there has been significant interest in collaborating with Shibarium on various projects since introducing the Shibarium intake form. LucieSHIB, the dedicated Twitter account of the Shiba Inu community, noted that the intake form for Shibarium has been submitted over 3,000 times.

Over 3000 intake forms have been submitted to @Shibariumtech

The first to receive a response was the content creator, new project owners and tokens.

Not all .. still in progress

There is no deadline – you can always apply.

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) March 6, 2023

… and the market is responding.

Over the past few weeks, a considerable number of whales have been disposing of their SHIB holdings. On February 8, the top 500 ERC-20 addresses had a total of over $694 million worth of SHIB, but this figure decreased by 12.5% to $606 million. Despite this decrease, the whale’s SHIB holdings remain significantly higher than the mid-January level of $84.5 million.

Since many whales purchased SHIB at relatively high prices, which should prevent them from selling at a loss, the coin may maintain its $0.0000105 support level.

Price Analysis for Cryptocurrencies Including BTC, ETH, BNB, XRP, and ADA

  • Bitcoin is being traded at $21,749, with a trading volume increase of 6.40%. On February 24, the cryptocurrency’s value dropped below an upward trendline, and on March 1, it was verified as a point of resistance. The cryptocurrency’s failure to surpass the $22,800 mark indicates it is now being challenged at a resistance level.
Image source: coinmarketcap.com
  • At the moment, Ethereum‘s trading value is $1551, and it has witnessed a 6.300% increase in trading volume. As Ethereum surges beyond a significant support level of $1550, a new hurdle of resistance has increased to $1600, possibly leading the way to a potential move toward the 50-day moving average of $1610.
Image source: coinmarketcap.com
  • BNB is currently trading at $289, has a 45.78 billion dollar market cap, and has seen an 11.51% spike in trading volume. According to Coin360, the price of BNB has changed by -0.9588 USD over the course of the last day, and 196,328,157 USD worth of BNB has been exchanged.
Image source: coinmarketcap.com
  • Ripple (XRP) is currently trading at $0.3904, and boasts a trading volume of 24.86%. If the price falls below $0.36, XRP could test the support line of the descending channel pattern. However, buyers may try to prevent that by buying the token.
Image source: coinmarketcap.com
  • Cardano (ADA) has an increased trading volume of 5.79%, currently trading at $0.317. The price of ADA has changed by -0.012005 USD over the past 24 hours, according to Coin360, and 135,280,989 USD worth of ADA has been exchanged on different exchanges.
Image source: coinmarketcap.com

Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.

 

If you would like to read more market analysis like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Share63Tweet39Share11
Previous Post

Hedera Confirms Service Token Loss Was Caused by a Mainnet Exploit

Next Post

Thai SEC Solicits Public Feedback Regarding Proposed Prohibition of Crypto Lending and Staking Services

Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

Related Posts

Terra Luna Classic Trades at $0.00012, Dips 2.79%: Can LUNC Reach $1?
Markets

Terra Luna Classic Trades at $0.00012, Dips 2.79%: Can LUNC Reach $1?

27 March 2023

Source: Coinmarketcap Following a 3.5% dip on March 22, Terra Luna Classic's (LUNC) price has made a partial rebound and is presently trading at $0.0001235, reflecting a 2% drop in the last 24 hours. LUNC has gained 2.5% in...

XRP Trading at $0.4487 With 5% Surge in 24 Hours; Is $1 Target Achievable?
Articles

XRP Trading at $0.4487 With 5% Surge in 24 Hours; Is $1 Target Achievable?

22 March 2023

  Source: Coinmarketcap Ripple (XRP) is currently trading at $0.4487, indicating a 5% increase over the past 24 hours, amidst a 2% surge in the overall market. However, XRP experienced a decline of 2% in the last week and...

Ethereum Surges by 5% in a Week; Anticipation Builds for Shanghai Upgrade; Is $2000 in Sight for ETH
Markets

Ethereum Surges by 5% in a Week; Anticipation Builds for Shanghai Upgrade; Is $2000 in Sight for ETH?

23 February 2023

Over the past several months, it has been observed that whales and other large investors have been withdrawing ETH from exchanges. According to data provided by Santiment, the value of ETH stored in exchanges has decreased by 37% since...

2023 Crypto Regulation Watch-January Recap
Markets

2023 Crypto Regulation Watch: January Recap

16 February 2023

2023 has been touted by many as the year that will birth an increase in regulations and laws guiding the crypto industry, and judging from the developments and precedents set in January; this prediction appears spot-on. Following the infamous...

Swap Crypto

Markets Update

Terra Luna Classic Trades at $0.00012, Dips 2.79%: Can LUNC Reach $1?

21 hours ago

XRP Trading at $0.4487 With 5% Surge in 24 Hours; Is $1 Target Achievable?

6 days ago

Shiba Inu’s Value Falls by 1.27% in the Last 24 Hours

3 weeks ago

Ethereum Surges by 5% in a Week; Anticipation Builds for Shanghai Upgrade; Is $2000 in Sight for ETH?

1 month ago

2023 Crypto Regulation Watch: January Recap

1 month ago

Ethereum (ETH) Market Watch: A Weekly Price Analysis

1 month ago
Read More

Spotlight

All about SolChicks

All about Algorand

All about Bitcoin

All about Goracle

Press Releases

Vybe Launches Bntyhntr: A Digitalized Treasure Hunt Product on the Algorand Chain

Vybe Launches Bntyhntr: A Digitalized Treasure Hunt Product on the Algorand Chain

byGuest Author
25 January 2023
0

...

BetDEX-Exchange-to-Launch-on-Solana-Mainnet-Ahead-of-2022-FIFA-World-Cup.jpg

BetDEX Exchange to Launch on Solana Mainnet Ahead of 2022 FIFA World Cup

byGuest Author
8 November 2022
0

...

BetDEX-Exchange-Becomes-First-Fully-Licensed-Sports-Betting-Exchange-on-Blockchain.jpg

BetDEX Exchange Becomes First Fully-Licensed Sports Betting Exchange on Blockchain

byGuest Author
1 November 2022
0

...

Metrika Partners with Axelar to Help Delegators Maximize Staking Rewards

Metrika Partners with Axelar to Help Delegators Maximize Staking Rewards

byGuest Author
12 October 2022
0

...

Y7 Marketing is Launching the First Decentralized Marketing DAO on Algorand

Y7 Marketing is Launching the First Decentralized Marketing DAO on Algorand

byGuest Author
17 August 2022
0

...

Read More
  • About Us
  • The Team
  • Careers
  • Contact
  • Partnerships

© Copyright 2022 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

No Result
View All Result
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • Swap Crypto
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version