In a significant wave of developments observed recently in the Shiba Inu ecosystem, Shytoshi Kusama, the lead developer of Shiba Inu, has highlighted the recently published version of The Shib magazine, drawing attention to crucial details of the partnership that aim to revolutionize the Shiba Inu ecosystem. Following the announcement’s appearance in the broader cryptocurrency market today, March 6, Shiba Inu, one of the most prominent Ethereum-based meme coins, has quickly gained considerable popularity, as its SHIB token has shown notable gains in recent days .
THIS WAS A REALLY ENJOYABLE READ! Good job! PLOT! https://t.co/o8TOcnPCpd
— Shytoshi Kusama™ (@ShytoshiKusama) March 5, 2024
Meanwhile, as the aforementioned announcement came into play, cryptocurrency market enthusiasts expected to see prices further strengthen for SHIB as the community continues to move forward with its crypto venture. However, SHIB, the native Shiba Inu token, traded in the red today, in contrast to the community’s recent progress. Derivatives data unveiled by Coinglass has given rise to further speculation among traders and investors in the cryptocurrency market as it hinted at mixed feelings prevailing in the market.
The fifteenth edition of Shib magazine: Diving Deep
According to the latest release from The Shib magazine, the Shiba crypto community is further embracing the introduction of a myriad of new features into the meme coin ecosystem. Following the recent launch of SHEboshi, the community is now pursuing two vital partnerships, with D3 Inc. and K9 Finance.
The strategic merger with D3 Inc. aims to facilitate a .SHIB domain, a token service named SHIB that serves as a passport to the decentralized world. With an annual fee of $10 per name, the meme coin community aims to revolutionize Web3 functionality with these domains.
Furthermore, the partnership with K9 Finance seems to attract further attention, presenting itself as a game-changing measure for Shibarium’s growth and liquidity. The upcoming launch of the KNINE token on March 7th has further aided the wave of optimism that Shiba Inu has curated with its recent reveal of The Shib magazine.
However, SHIB’s price action today has fueled speculation about the impact of community developments on its token.
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The price of the Shiba Inu drops
At the time of writing, the price of the Shiba Inu has seen a substantial drop of 20.98% over the past 24 hours and is currently trading at $0.00003266. This massive decline illustrated by the token has sparked bearish sentiments among traders and investors in the cryptocurrency market globally, in contrast to noteworthy developments in the meme coin community over the past few days.
Even with the continued burning of SHIB, as also mentioned in The Shib, the token traded in negative territory today, adding to the prevailing bearish trend. Additionally, Coinglass data, while suggesting increased market activity with increased volumes, signaled a decrease in traders’ willingness to invest more in long positions, mirroring the decline in the OI-weighted funding rate. This has collectively painted a bearish mood for SHIB with mixed feelings among cryptocurrency market participants.
However, as seen with past developments, SHIB has seen a phenomenal rally following the debut of SHEboshi, healing the sentiment of future pumps with the weight of the aforementioned developments.
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