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he development team behind the meme currency has decided to launch Shiba Eternity Game on October 6. The SHIB game will be available for download across the globe. Can this launch boost the asset price?
Last updated Oct 17, 2022 at 08:55 PM
Posted Oct 6, 2022 at 04:00 AM
The SHIB team is making the asset ecosystem more appealing by rolling out new updates on the network. We will discuss these recent developments and whether these updates can boost the price of the asset or not. Before discussing these developments, let’s delve into the current market outlook.
How is SHIB Performing?
SHIB is holding the 14th market ranking with a little change from the last day. According to CoinMarketCap, the asset is trading around the $0.000011 price mark. The meme currency made positive moves on September 17, but it has lost momentum from that day. As of now, the asset has a trading volume of $224 million with little change over the last day. SHIB has tanked more than 7% in the last seven days. One of the reasons behind this bearish outlook is the movement of Bitcoin. The flagship currency has failed to regain its strong support at $20k.
CoinMarketCap
Shiba Eternity's blockchain implementation was first released on September 17 in Australia. Shiba Inu surged over 7% from September 17-18, following the bigger market sell-off that began on September 13. Let’s analyze what other upgrades are going to happen in the SHIB ecosystem.
The Shiba Inu development team has revealed that its Shiba Eternity game will be available worldwide on October 6th. Shytoshi Kusama, the game's lead developer, gave the command to turn on the green light, according to the update. While there were no specifics at press time, the Twitter handle SHIB said that all plans would be made public on October 1.
According to the update, remarks showed that the SHIB army anticipated the game's release. However, the price of SHIB was not participating in the enthusiasm.
Furthermore, SHIB appears to have been impacted by diminishing whale interest. According to WhaleStats, SHIB was not one of the top 10 tokens exchanged by the top Ethereum whales in the last 24 hours. SHIB, on the other hand, held 5.47% of the total holdings. The total amount was $136.95 million. In the past, increased whale accumulation could cause a SHIB price increase.
WhaleStats
According to Santiment, both SHIB's positive and negative attitudes took partial sides. The positive mood of SHIB was 42 according to data from the on-chain platform on September 30. Negative sentiment, on the other side, was 6.98.
Let’s look at the technical analysis to understand how the Shiba Eternity Game will impact the price of SHIB.
SHIB demonstrated why the game was all about community. At press time, the meme coin was trading at $0.00001125, down 0.8% in the previous 24 hours. However, on September 30, SHIB traded at $0.000011 and did not appear to be poised to generate profits for the day. Surprisingly, the meme token spent virtually the entire 29th of September in the same location. So Shiba Eternity may continue to generate short-term rewards for SHIB investors.
TradingView
As a result, future Shiba Inu players and investors/traders should be aware of a few factors. One of these is that price increases are typically followed by a dramatic market correction, as we saw on September 18 after the surge on September 17.
Furthermore, based on its chart movement, SHIB's chances of performing exceptionally well appeared low. The Relative Strength Index (RSI) analysis revealed that buyers had little control over SHIB's momentum.
With a value of 46, SHIB appeared to be more in line with its price's neutral state. The Awesome Oscillator (AO), on the other hand, liked to remain in the green despite being below the zero line. As the blue line went above the red line, the Moving Average Convergence Divergence (MACD) displayed a modest bullish streak.
The Shiba Eternity Game is set to launch on October 6. Once October 6 comes, we will have a clearer idea of whether Shiba Inu prices will rise or fall further. Not financial advice.