Shiba Inu, the Dogecoin rival, recently unveiled the 19th edition of its magazine, ‘The Shib,’ in an attempt to uplift investor sentiment amidst a significant price decline caused by market corrections.
The magazine launch comes as the Shiba Inu token (SHIB) grapples with a substantial price drop to $0.000026. ‘The Shib’ sheds light on various developmental efforts within the Shiba Inu ecosystem, including NFTs, collaborations, and other initiatives undertaken by the meme coin’s community. This spotlight has instilled a degree of optimism within the crypto market.
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‘The Shib’ 19th Edition: A Look Inside
The 19th edition primarily focuses on three key endeavours for Shiba Inu. K9 Finance‘s DeFi vision garnered the most significant investor attention, followed by the TFW (Tutti Frutti Women’s) NFT collection and the vision for the NFT space from the creator of Shiboshis.
The magazine revealed a three-phased product launch blueprint for K9 Finance, mirroring the DeFi platform’s evolution on Shibarium, Shiba Inu’s Layer 2 solution. K9 Finance’s journey will commence with the launch of Hesper on Testnet in late Q2, followed by the transition to Boro on Mainnet in Q3, culminating with the product’s finalization, Caninae, in Q4. While this news attracted considerable interest, no further details regarding the product launch were provided.
Dark Flower, the visionary behind Shiboshis: The Beginning, a blockchain-based comic featuring Shiboshi NFTs as characters, expressed immense optimism about the potential of merging blockchain technology with creative endeavours, hinting at the development of another book.
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Tutti Frutti Women (TFW) NFTs
Another article in ‘The Shib’ highlighted the TFW NFT collection, serving as a symbol of empowerment for cancer survivors. Since its introduction into Shibarium in January 2024, the TWF project has achieved significant milestones, minting 116 out of 5,000 NFTs and burning 1.5 million $SHIB tokens, according to the magazine. This further emphasizes Shibarium’s growing popularity despite the current NFT market slump.
Price Dip Amidst Market Correction
Despite these positive developments, the SHIB token price continues to exhibit bearish tendencies due to broader market corrections. As of now, the token has witnessed a substantial 4.91% dip over the past 24 hours, currently trading at $0.00002595. This bearishness is further intensified by a 4.92% decline in market capitalization and a 30.45% plunge in 24-hour trading volume.
Looking Ahead
However, crypto enthusiasts remain hopeful that the ongoing advancements within Shibarium, along with the community’s efforts to enhance SHIB tokenomics through continuous burning, will eventually lead to a price increase in the long run.