YEREVAN (CoinChapter.com) — The price of Shiba Inu (SHIB) has recently dropped by 0.68%, reaching $0.00001642, while the broader crypto market decreased by 0.5% over the past 24 hours. Despite this dip, SHIB has achieved a 95% gain over the past year. The recent decline has raised interest in the potential for a price increase, especially with the launch of the Shiba Eternity game’s Web3 version.
Shiba Eternity has entered its beta phase, operating on the Shibarium layer-two network. The game is expected to increase transactions on Shibarium, leading to more SHIB token burns. The Shiba Inu protocol has already burned approximately 410 trillion tokens from a total supply of 999.9 trillion. The game’s beta launch has sparked enthusiasm in the Shiba Inu community, as increased token burns could reduce the circulating supply of SHIB.
Technical indicators suggest that Shiba Inu may be in an oversold position. The 30-day moving average has fallen below the 200-day moving average, indicating a potential price rebound. SHIB’s relative strength index (RSI) dropped below 30 last night and is now starting to recover. The convergence of SHIB’s support and resistance levels forms a pennant pattern, often preceding a breakout. As the beta phase of Shiba Eternity progresses, increased transaction volume on Shibarium could impact SHIB’s market position.
SHIBASHOOT Raises $800K with Unique Wild West Meme Theme
In addition to SHIB, other meme tokens are gaining attention. Shiba Shootout (SHIBASHOOT), a new Ethereum-based token, has raised over $800,000 in its presale. This token blends Shiba Inu memes with Wild West themes and aims to build a community through mini-games and contests. SHIBASHOOT has a maximum supply of 2.2 billion tokens, with 35% allocated to presale and 20% to staking.
Community Excitement Grows for Shiba Eternity’s Impact on SHIB Ecosystem
The Shiba Inu community has responded positively to the recent developments. On Twitter, user 𝐋𝐔𝐂𝐈𝐄 highlighted the potential benefits of increased transaction activity on Shibarium, stating,
“The more people play Shiba Eternity, the more transactions will happen on #Shibarium, the more $BONE will be used, the more $SHIB will be burned, and the greater the demand for Shiboshis will be.”
