SHIB Team Issues Update as Shiba Inu Website Faces Temporary Disruption

Shibizens, an X handle run by Shibarium admins and mods that provides news and insights for the Shibarium ecosystem as well as tech upgrades, shares a status update with the $SHIB community.

The status update pertains to the Shib.io website, the official gateway of the Shiba Inu ecosystem. Shibizens informed the Shiba Inu community in a recent tweet that the issue affecting the Shib website is only temporary. It added that the $SHIB team was aware of the problem and was actively working to resolve it soon.

The fix is being implemented, Shibizens informed the community, adding that further updates will be provided as soon as more information becomes available.

Shiba Inu hit as crypto market sees brutal selloff

Cryptocurrencies saw one of their toughest weeks in years as a wave of selling erased hundreds of billions of dollars from the digital asset markets.

Shiba Inu fell to a rare $0.0000043 low while major cryptocurrencies Bitcoin and Ethereum saw major weekly losses.

The crypto market lost about $390 billion in value, with over $7 billion in leveraged positions liquidated.

$390 billion was erased from the total market capitalization, leaving it at nearly $2.16 trillion, according to CoinMarketCap data. That's less than half of the nearly $4.2 trillion high reached last October before the flash crash event.

Crypto derivatives traders suffered one of the biggest wipeouts of this year. About $7 billion in leveraged bets were liquidated in the crypto market in the week, according to CoinGlass data, with Monday and Friday delivering the biggest figures. About $5.7 billion of those were long positions, or traders expecting prices to increase.

At the time of writing, $SHIB was up 5.61% in the last 24 hours to $0.0000047, recovering after a week-long selloff took its price to a low of $0.0000043. The dog cryptocurrency is down 13% weekly, with its market cap at $2.8 billion.