Crypto Crash: Over 80% Of Shiba Inu And Other Crypto Investors Are Underwater

The cryptocurrency market is currently experiencing a downturn, with a substantial portion of investors in Shiba Inu (CRYPTO: SHIB) and other cryptocurrencies facing losses. What Happened: According to data by IntoTheBlock, 83% of SHIB investors are seeing red despite last month's launch of Shibarium.

Timeline of Shiba-inu

In a recent update, Lucie, the official marketing expert for the Shiba Inu development team, shed light on the primary objective behind creating Shibarium, their Layer-2 blockchain. Aimed at attracting a broad spectrum of players and developers, Shibarium seeks to become a hub for gaming, metaverse engagement, and decentralized applications (DApps) at minimal costs.

In the wake of volatile market sentiment, the Shiba Inu coin price has been navigating choppy waters. From August 30th, the coin price significantly dropped from a $0.000846 swing high and plunged to the $0.000000739 mark.

Shiba Inu (SHIB) seems to have hit a rough patch in recent times, as its price struggles to gain traction in the volatile crypto market. Investors who witnessed a major rally between mid-June and mid-August are now grappling with the harsh reality that these gains have been almost entirely wiped out.

Lucie, the official marketing expert of the Shiba Inu dev team, haw revealed what primary objective the creators of Shibarium had in mind regarding adoption when they built and launched it.

In the evolving intersection of virtual communities and real-world businesses, Shytoshi Kusama, the lead developer of Shiba Inu (CRYPTO: SHIB), has highlighted the transformative potential of their platform, Shibarium , presenting a clearer picture of the synergy between virtual communities and real-world business operation. The Shiba Inu Ecosystem, notably through its platform Shibarium, has been pushing the boundaries of this synergy, particularly in the two weeks since Shibarium's launch.

In recent weeks, Shiba Inu has failed to become the hot discussion in the meme coin market, as the launch of Shibarium did not generate enough buying pressure to challenge put holders.

An official marketing expert of the SHIB team, known to the crypto community as @LucieSHIB, took to X app to share a few self-made recommendations on possible actions during a bear market, not only about SHIB but about cryptocurrencies overall.

It has not been an easy ride for Shiba Inu (SHIB) holders in the last few weeks, with the token accumulating meaningful losses, leaving 82% of its investors in the red — holding assets with an average cost in dollars, higher than current prices for SHIB in the spot market.

Popular platform for removing SHIB meme coins to dead-end wallets Shibburn has published a post on X to clarify a certain thing about the massive SHIB burn made by Ethereum cofounder Vitalik Buterin in 2021.

Shiba Inu (SHIB) is wriggling out of its protracted bearish slump as it is up by 1.3% in overnight trading, pushing its price to $0.000007633. The meme coin has seen a significant price drawdown in the past week, slumping from its highest level of $0.000008169 in the trailing seven-day period.