Shiba Inu Unveils Newest Edition of ‘The Shib’ Magazine, K9 Plotting Something Big?

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4 Apr 2024

The Shiba Inu team recently revealed the 19th edition of its magazine, fueling optimism among investors as SHIB's price noted a considerable plunge amid the recently witnessed market corrections.

STORY HIGHLIGHTS

Shiba Inu team launches the latest edition of its magazine, The Shib.
K9 Finance appears to be planning something big, although enough details weren't provided in the magazine.
Other developments followed, encompassing blockchain-meets-creativity and NFT ventures.
Shiba Inu's price contrastingly slips.

In a bid to boost optimism, Shiba Inu, the self-proclaimed Dogecoin killer, recently unveiled the newest edition of its magazine, ‘The Shib,’ spotlighting pivotal cryptographic ventures for the dog-based meme coin. This garnered significant attention among crypto market traders and investors globally as SHIB, the native token of the Shiba Inu ecosystem, witnessed a substantial drop in it’s price recently due to market corrections.
Coming in tandem with SHIB’s plunge to $0.000026, the newly released magazine spotlighted a plethora of developmental endeavors for Shiba Inu’s ecosystem, encompassing NFTs, collaborative measures, and many other ventures the meme coin’s community embarked upon. This added a tint of optimistic market sentiments for Shiba Inu, piquing the broader crypto market’s attention.

‘The Shib’ 19th Edition: Diving Deep

Intriguingly, the 19th edition of Shiba Inu’s magazine primarily spotlighted three vital quests for the meme coin. Among these three, the one that nabbed significant investor attention was K9 Finance’s DeFi vision, followed by the TFW (Tutti Frutti Women’s) NFT collection and Shiboshis’ creator’s vision for the NFT space.
Notably, per the magazine, K9 Finance recently ruled out a blueprint for a tri-phase product launch that further resembles the DeFi platform’s evolutionary journey throughout Shibarium, Shiba Inu’s L2. K9 Finance’s journey is all set to begin with the launch of Hesper on Testnet in late Q2. This will be followed by K9 Finance’s transition to Boro, which will launch on Mainnet in Q3, and finally, Caninae, the finalization of the K9 Finance product in Q4. This post nabbed significant attention among crypto market enthusiasts, although the community offered no additional details on the product launch.
Meanwhile, Dark Flower, the visionary writer and producer of Shiboshis: The Beginning, a blockchain-based comic book casting Shiboshi NFTs as comic characters, expressed immense optimism about the limitless potential of amalgamating blockchain technology with creative pursuits, hinting at another book in the works.
Moreover, another post in The Shib drew keen attention to Tutti Frutti Women (TFW) NFTs, which stage as a beacon of empowerment for cancer warriors. Ever since its inception into Shibarium in January 2024, the TWF project has made significant strides, minting 116 out of 5,000 NFTs and burning 1.5M $SHIB, per the magazine’s post. This further underscored Shibarium’s rising popularity despite the NFT market slump witnessed in today’s era.

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Additionally, TFW’s milestones now revolve around every 100 mints, when the project supports a warrior, unlocks 500 $BONE for holders, and gives away various NFTs from other projects. At 500 mints, TFW burns 1% in $SHIB, and at 1,000 mints, it introduces staking. This is collectively attributed to the storm of breakthroughs TFW showcased within Shiba Inu’s ecosystem.
However, the meme coin contrastingly continued taking a bearish stage today, resulting from market corrections, as mentioned above.
Also Read: Bitcoin Cash Sees Second Halving at Block 840,000, Price Dips

Shiba Inu Slips

As of writing, the Shiba Inu token’s price has noted a substantial 4.91% dip over the past 24 hours and is currently trading at $0.00002595. The bearishness birthed with this drop further anchored itself, as the SHIB’s market cap slipped 4.92%, followed by a 30.45% plunge in 24-hour trading volume.
However, with staggering developments happening within Shibarium, with some also looming over Shiba Inu’s cryptographic horizon, as mentioned in ‘the Shib,’ cushioned prices for the token remains much expected among crypto market enthusiasts. Moreover, with the Shiba crypto community’s continued efforts to jack up the SHIB tokenomics, as seen by continued burning of Shiba Inu tokens, ,the broader market expects the token to reflect rising price actions in the long-term.
Also Read: GBTC Outflows Drop to The Lowest In A Month, Bitcoin Price Rally Ahead?

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GBTC Outflows Drop To The Lowest In A Month, Bitcoin Price Rally Ahead?

GBTC Outflows Drop to The Lowest In A Month, Bitcoin Price Rally Ahead?

While GBTC outflows slow down, the institutional interest in Bitcoin continues to grow. BTC price likely with the rising Coinbase Premium.
By Bhushan Akolkar13 hours ago
Updated 9 hours ago

STORY HIGHLIGHTS

The GBTC outflows have dropped to $75 million, the lowest since February 26.
Rising Coinbase Premium shows growing institutional demand for Bitcoin.
Over 18,000 Bitcoins have moved off exchanges recently to cold storage.

After a week of outflows in March, the spot Bitcoin ETFs are finding a strong footing again with inflows turning positive. The good thing is that the outflows from Grayscale Bitcoin ETF GBTC have also been on a declining trend. The daily GBTC outflows stood under $100 million for the second consecutive day on Wednesday, April 3.

GBTC Outflows Ebb

On the 3rd of April, the total outflows from the Grayscale Bitcoin ETF GBTC dropped to $75 million. This is the lowest amount of outflows from the Bitcoin fund ever since February 26.
During Wednesday’s activity in the Bitcoin ETF market, Blackrock’s IBIT ETF made a notable purchase of $42 million, marking consistent buying behavior observed since every Bitcoin ETF launch. Additionally, FBTC recorded a significant purchase of $117 million, representing its highest acquisition volume since March 26. Thus, the total inflows across all the Bitcoin ETFs stood at a staggering $113 million.
Besides, the overall activity seems to be turning positive once again showing that the institutional interest in Bitcoin remains intact.

Bitcoin Institutional Inflows

Amid the growing institutional interest in Bitcoin, the futures market hints a potential volatility going ahead. According to CryptoQuant, the increasing Coinbase Premium serves as a distinct indicator of heightened Bitcoin purchases by US institutions. This premium, reflecting the price variance between Coinbase and international exchanges, underscores robust institutional involvement, particularly amid the surge in inflows into US Bitcoin ETFs.
Courtesy: CryptoQuant
Furthermore, the data also shows that there’s a significant movement of Bitcoins off the exchanges totaling nearly 18,828 BTC. This suggests that institutions could be potentially transferring their holdings to private wallets or cold storage which could trigger a supply shock going ahead.

CryptoQuant has underscored the remarkable duration of positive bitcoin futures funding rates, signaling a robust bullish sentiment. Historically, such optimism has often been followed by price corrections, implying that a potential buying opportunity may emerge in the near future.
Courtesy: CryptoQuant
Based on the positive setup from this institutional activity surrounding BTC, there’s a great likelihood of a Bitcoin price rally ahead after the recent healthy correction. Furthermore, the Bitcoin halving event this month will bring an additional supply shock for BTC.