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Shiba Inu Team Weighs In on Ongoing Crypto Crisis

source-logo  u.today 13 November 2022 09:54, UTC

The official Twitter account of the Shiba Inu cryptocurrency claims that the team behind the project will continue to stand with the community as it continues to grow.

The Shiba Inu team envisions “a brighter future,” in which people can take advantage of new opportunities created by the decentralized finance space.

The reassuring message comes amid what appears to be the most devastating cryptocurrency crisis to date.

After the collapse of the exchange, a Shiba Swap developer urged users to stop putting their faith in centralized exchanges. “Remember if you don't hold the private keys it is not your crypto even if you paid for it,” the developer wrote.

The cryptocurrency market suffered devastating losses due to the implosion of the FTX exchange, with Bitcoin dropping to the lowest level in two years.

The market cap of the SHIB token is now well below the $6 billion mark. The token is down 89.02% from its record high.

As reported by U.Today, Binance CEO Changpeng Zhao recently predicted that the ongoing cryptocurrency crisis could potentially exacerbate, with some projects potentially suffering FTX’s fate. He compared the current mayhem to the global financial crisis of 2008.

At the same time, analysts at banking giant JPMorgan see a silver lining to the recent crisis. They recently predicted that the FTX crisis could significantly speed up cryptocurrency regulation.