Prominent member of Shiba Inu team shares her take on why SHIB price currently going down

Shiba Inu marketing expert who calls herself Lucie has taken to Twitter to raise the spirits of the SHIB army and suggest a possible explanation as to why the second largest meme cryptocurrency is not going up, despite the Shibarium relaunch over the weekend.

Instead, SHIB has another 3% within the last 24 hours, according to TradingView data.

"Why is SHIB down?" LucieSHIB suggests reason

Lucie tweeted that, in her opinion, SHIB is currently down since "it rides market waves," as all other cryptocurrencies, both Bitcoin and altcoins, do. Currently, it is "a little bumpy." She recommended that Shiba Inu investors and holders think long term since "short-term victories fade fast."

She believes that the Shiba Inu community has come too far to give up holding their SHIB now.

Why No Moon? 🌕 Why $SHIB down? 📉

Eh... $SHIB's unstoppable spirit is real, but it rides the market's waves too. It's everywhere! 🌊

Okay, a little bumpy now, but what about the Bullmarket? 🐂

Remember, thinking long term matters. Short-term victories fade fast. BE POSITIVE… pic.twitter.com/ZQQGKxIhrk

— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 28, 2023

Overall, since Aug. 15, SHIB has dumped more than 25% of its value, trading at the $0.00000793 level at the time of writing.

Hundred million SHIB burned as price dips

As reported by popular burn tracker Shibburn, the SHIB army seems to be taking advantage of the current price dip and has managed to get rid of a hefty amount of meme coins overnight.

Within the last 24 hours, Shiba Inu holders and Shibarium developers have transferred a total of 106,052,734 SHIB to dead-end wallets in 15 transactions.

The largest chunks of SHIB burned during that period of time carried 27,848,584 SHIB; 18,517,304 SHIB and 11,339,375 Shiba Inu meme coins.

In the past 24 hours, there have been a total of 106,052,734 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/w4YF6t0GZB

— Shibburn (@shibburn) August 28, 2023

Since the SHIB price is dipping at the moment (and the coin has retraced to 16th place on CoinMarketCap), the SHIB community can burn more coins, since it is cheaper to buy them.

Shibarium finally relaunched on mainnet

Also, now that the Shibarium Layer 2 solution has staged a loud comeback and there are already 350,000 conducted on it, each transaction is also contributing to Shiba Inu burns; part of the gas fees paid in BONE are set aside to be converted into SHIB later on and burned.

In a recent blog post, the leader of Shibarium devs Shytoshi Kusama announced the current progress of transactions and connected wallets on the relaunched Shibarium. So far, there are more than 65,000 wallet addresses already linked to it. Kusama gave special thanks to the Polygon team (Shibarium is a fork of the Polygon chain), Unification Fund, the decentralized team of Shibarium and a few other devs.

About the author

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.