The Shiba Inu ecosystem has been under extreme pressure in recent weeks as a wave of controversy has dealt a heavy blow to investor confidence in the ecosystem.
Of speculation that Shibarium’s testnet chain is the same as Rinia’s, to BitBoy accusing Shytoshi Kusama as Sam Bankman-Fried, fear, uncertainty, and doubt about the ecosystem worsened.
However, investors seem excited about the recent launch of Shibarium’s testnet called puppynet. This outperformed the FUD surrounding the ecosystem, showing investors that SHIB is resilient even with the odds stacked against it.
However, confidence seemed to be shaken with CoinGecko showing SHIB shedding over 6% on the weekly time frame.
Consumption rate falls almost 70% this week
The Shiba Inu consumption rate has declined following the token’s price drop in recent weeks. ShibBurn, a dedicated Twitter account for tracking SHIB burn rate, recently noted a 70% decline in the burn rate in the weekly time frame. I am recovered to an overall drop of 63%, but it remains a long-term problem.
SHIB UPDATE PER HOUR$SHIB Price: $0.0000105 (1hr -0.26% ▼ | 24hr -0.67% ▼ )
Market Cap: $6,204,903,177 (-0.52% ▼)
Total Supply: 589,608,944,526,096BURNED TOKENS
After 24 hours: 36,808,721 (1107% ▲)
Last 7 days: 856,350,309 (-63.42% ▼)— Shibburn (@shibburn) March 27, 2023
This followed the FUD surrounding the ecosystem that got worse with the recent allegations about Shibarium and Shytoshi. Despite this, the Shiba Inu community still seems optimistic about Shibarium with Shytoshi. soothing community.
Wow‼️
Facts: THOUSANDS OF PROJECTS THAT ARE ADDED #Shibarium WILL BURN $SHIB 🔥🔥🔥🔥🔥🔥🔥🔥$SHIB #SHIB #SHIBA #Shiba Inu #SHI barium #SHIBARMY #ShibaArmy #SHIBARMYFUERTE 💪 pic.twitter.com/WxDPEvKOp8
— SHIB Bezos (@BezosCrypto) March 27, 2023
At $0.00001055, Should Shiba Inu Investors Worry?
At the time of writing, the token is currently trading in a very tight range. If the token exceeds $0.00001077, SHIB can confidently target $0.00001192. Investors and traders can also enjoy the low correlation with major currencies, which is currently stagnant.
Photo: Getty Images
However, investors should also take note of the macroeconomic developments that are currently affecting the broader financial market.
the recent interest rate increase by the US Federal Reserve would affect sentiment around financial assets, especially cryptocurrencies like SHIB, as they are riskier than traditional financial instruments.
SHIB total market cap currently at $6.19 billion on the daily chart at TradingView.com
If the cryptocurrency market reacts negatively to the recent interest rate hike in the coming weeks, we may see pain in SHIB. However, recent speculation about a possible collaboration with Paramount Pictures should increase the price in a couple of days.
In the meantime, Shiba Inu investors and traders should be confident in buying SHIB as it currently shows a minimal chance of a downside with a higher chance of an explosive upside.
-Unsplash featured image
