Shiba Inu team addresses price stagnation. They confirm focus remains on Shibarium and utility building.
The Shiba Inu development team has issued a recent public message. They addressed the community regarding the token’s October performance. This communication comes after a mass sell-off in the broader crypto market. Volatility has not shown a significant upward move since the event. Thus, the team encouraged the community not to lose perspective and not to lose patience now. The long-term vision is still focused on utility and infrastructure.
Shiba Inu Drops 12% in October Amid Market Fear
More specifically, Shiba Inu, in the case of October overall, is down 12%. This was in a month that is traditionally supposed to be bullish for cryptocurrencies. The market is slowly adjusting currently. This follows the record liquidation event of October. However, there is still a mixed and cautious underlying sentiment across the world. Now the Crypto Fear and Greed Index remains in the fear zone for days. Therefore, market conviction is still low throughout the sector.
Furthermore, the team emphasized on the progress of Shibarium in the recent past instantly. This Layer-2 network is at the heart of their whole strategy. Currently, Shibarium has handled more than 400 million transactions since it was launched. Moreover, the network’s Total Value Locked (TVL) recently passed the $25 million mark. As a result, these basic metrics support steady adoption at this time.
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In fact, according to internal reports, there is a slow increase in burn rates. This increase is attributed to transaction fees that are used on Shibarium. Over 100 million SHIB tokens are taken out of circulation now daily. Therefore, this is a sustained process that is deflationary at a fundamental level for the token as a whole. The long-term effects of this mechanism are profound. Clearly, the team is supply reduction-oriented.
In addition to this, analysts commented on the weak general market sentiment in October. The whole cryptocurrency sector has a minimal volume of trades. Thus, the performance of SHIB resembles the general asset class right now. Experts believe that SHIB requires a major external catalyst to break out. This includes a possible spot for Bitcoin ETF approval worldwide. Such an approval would get the overall market confidence way up.
Shiba Inu Plans New Roadmap, Boosts Transparency Efforts
Indeed, the crypto market is presently in a calm state. Volatility stalled after $19 billion leveraged bet wipeout. As a result, a slow grind higher is taking place. This adjustment indicates wary market participants now. Therefore, SHIB’s price stagnation is indicative of this low conviction environment.
In addition, community resilience is a core theme. The developers applauded the “ShibArmy” for their commitment at this point. They emphasized that a strong community is a major asset in general. This unity provides a stable foundation during price lulls. The team considers its dedicated base to be a competitive advantage. Therefore, consistent engagement is of prime importance.
Finally, the development team plans to make more frequent public addresses in the near future. On these addresses will be shared specific milestones and updates in advance. The community can expect an in-depth revision of the roadmap next month. The team is keen to bring more transparency in the future. Ultimately, they promised that major foundational work goes on every day.
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