Shiba Inu: How SHIB Eternity can help change SHIB’s fate
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Shiba Inu, one of the most popular meme coins in the world, did not make any promising price moves recently, registering a negative 6% growth in the last seven days. However, when multiple developments occur in the ecosystem, SHIB can help turn the tables.
For example, SHIB Eternity’s SHIB download date was recently announced as October 1st, 2022. Shiba’s developers mentioned last year that the card-based game SHIB Etherenity would launch within the next year, and that seems to be true. This news was also followed by other positive episodes that may increase SHIB’s price.
In addition to the release date announcement, another important update was revealed: 5% of the game’s total profit will be used to burn SHIB.
This brought more joy to investors as it was positive news for long-term investors. SHIB, which already burns millions of tokens daily, burned over 16 million tokens in the last 24 hours.
– Shibburn (@shibburn) 23 September 2022
The community’s confidence in the token was further strengthened when SHIB recently topped the top 2000 ETH whale crypto list.
🐳 Top 2000 #ETH whales hold
Whale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/yIqBt8sDob
— WhaleStats (crypto whale tracking) (@WhaleStats) 22 September 2022
Interestingly, another study found that 30% of Shiba Inu investors hold the meme coin for long-term investment reasons.
Therefore, the increased burn rate and the plan to capitalize on SHIB Eternity’s 5% gain give investors hope for brighter days in the long term.
Here’s what to expect
Although SHIB failed to register massive gains recently, after this news, the price of the meme coin responded.
At the time of writing, SHIB was trading at $0.00001078, up slightly from the last 24 hours, with a market capitalization of $5,921,568,523.
Interestingly, SHIB’s MVRV ratio also increased compared to last week. The coin’s social volume followed the same path, growing slightly in recent days.
While the gauges and SHIB’s current price action do not directly point to a northward move anytime soon, but given all the positive developments in the community, we can expect these burns to be reflected on SHIB’s chart in the coming months.
However, CryptoQuant’s information revealed that SHIB’s Relative Strength Index (RSI) was in a neutral position, while its stochastic indicated that the market was oversold, which may also help SHIB to register a rise faster than expected.