The crypto market is currently in a state of calm as volatility stalls after a historic sell-off earlier in October, which resulted in the wipeout of $19 billion in leveraged bets.
Shiba Inu is currently down 13.61% in October, a month previously deemed bullish for cryptocurrencies.
The market is currently adjusting, albeit in a slow grind higher after October’s record liquidation event, but underneath the surface, sentiment remains mixed. The Crypto Fear and Greed Index has remained in the fear zone for days, suggesting conviction is still low.
Shiba Inu is likewise caught in the crossfire, battling against bears’ attempts to add an extra zero to its price tag. The recovery from Oct. 22 low of $0.00000961 paused at a high of $0.00001034 on Oct. 24, with Shiba Inu fluctuating in a tight range between $0.00001009 and $0.00001026 afterward.
Other metrics remain in red; in the last 24 hours, the Shiba Inu burn rate fell 97.07% with just 102,742 SHIB burned in the time frame. Weekly burn rate was likewise down 89.15%, according to Shibburn.
Shiba Inu team pens message
Amid the fear and uncertainty in the market, Shiba Inu team member Lucie pens a message of strength to the Shiba Inu community: “Resistance is the weight that builds your strength. Do not fight it, shape it. Power is not in pushing harder but in standing calm when the storm tests you. Create art, memes, videos, whatever speaks to your asset. Support is what makes a community real.”
In the week, warnings were also issued in a bid to protect the community and their assets. Susbarium issued a security alert to the Shiba Inu community on a scam that could drain wallets.
Susbarium pointed attention to a malicious website impersonating Shiba Inu’s official platform and is actively draining wallets, urging SHIB holders never to connect to it. This Shiba Inu watchdog warned that scammers have cloned the look and feel of Shibaswap, the official SHIB website and other SHIB-related platforms with the aim of tricking unsuspecting users into connecting their wallets and draining their funds.
