- Shiba Inu posted a blog introducing a key Shibarium feature.
- While SHIB’s chart was red, BONE and LEASH maintained their uptrends.
Shiba Inu’s [SHIB] gaining streak came to an end in the last 24 hours as its price action turned bearish. Though the Shibarium hype was not fading away, it was not enough for the memecoin to sustain its bull rally.
How much are 1,10,100 SHIBs worth today
However, as the ETH Toronto event draws closer, the Shiba Inu team continues its efforts to drop hints about its upcoming layer 2 along with its advantages and features. The latest one being Shiba Inu’s blog, which mentioned the implementation of Self-Sovereign Identity into Shibarium.
Shiba Inu boasts a new feature
Shytoshi Kusama, co-founder of the Shiba Inu ecosystem, recently published a blog mentioning the motive behind the new Self-Sovereign Identity and its benefits. To clear the air, SSI is a series of protocols and technologies that allow a user in a system to retain their identity as well as their assets, in a wallet.
The blog mentioned that SHIB SSI solves the complexity of the Shib Ecosystem. It does this by allowing for granular governance at a level not before realized by a decentralized community.
As per the blog, Shibarium’s integration with SHIB SSI will take some time to complete. It will require several months of research and the development of a strong framework.
SHIB is not living up to expectations.
Thanks to the upcoming Shibarium launch, the blockchain’s popularity was skyrocketing. In fact, the memecoin’s social engagement surged by more than 100% in the last seven days. Additionally, bullish sentiment around the token also followed the same trend of triple-digit increments.
Source: LunarCrush
However, its bull rally came to an end as its price chart turned red. According to CoinMarketCap, SHIB’s price dropped by over 2% in the last 24 hours. At press time, it was trading at $0.000008978 with a market capitalization of over $5.2 billion.
A possible reason for this could be the increase in selling pressure. SHIB’s net deposit on exchanges was high compared to the last seven-day average.
Shiba Inu’s supply on exchanges went up while its supply outside of exchanges declined slightly, which is a bearish signal. Moreover, whale activity around SHIB also declined, as evident from its whale transaction count since 5 August.
Source: Santiment
Realistic or not, here’s SHIB market cap in BTC‘s terms
A look at the broader Shiba Inu ecosystem
It was interesting to see that while SHIB’s price chart turned red, BONE ShibaSwap [BONE] managed to maintain its rally. The token’s price increased by nearly 1.5% in the last 24 hours, which was promising. Not only that, Doge Killer [LEASH], which is yet another major token of the Shibarium ecosystem, also painted its chart green.
As per CoinMarketCap, BONE was trading 1.3% higher than the previous day. However, it should be noted that both BONE and LEASH’s trading volume declined while their price surged, which in general is a negative signal.
