Shiba Inu, one of the most popular meme coins in the world, did not make any promising price movements lately as it registered negative 6% growth in the last seven days. However, with several developments happening in the ecosystem, SHIB can help turn the table around in its favor.
For instance, SHIB download day for SHIB Eternity was recently announced to be on 1 October 2022. Shiba developers last year mentioned launching SHIB Etherenity, a card-based game, within the next year, and it seems to be true. This news was also followed by other positive episodes, which have the potential to push SHIB’s price upward.
Apart from the launch date announcement, another important update was revealed: 5% of the total profit from the game will be used to burn SHIB.
This brought further joy to investors as it was positive news for long-term investors. SHIB, which is already on a spree of burning millions of tokens daily, burned over 16 million tokens in the last 24 hours.
In the past 24 hours, there have been a total of 16,662,852 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) September 23, 2022
The community’s trust in the token was further proved when SHIB recently topped the list of the cryptos that the top 2000 ETH whales were holding.
🐳 The top 2000 #ETH whales are hodling
Whale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/yIqBt8sDob
— WhaleStats (tracking crypto whales) (@WhaleStats) September 22, 2022
Interestingly, another study found that 30% of Shiba Inu’s investors are holding the meme coin for investment reasons with a long-term perspective.
Therefore, the increased burn rate and the plan to utilize the 5% profit of SHIB Eternity give investors hope for brighter days in the long run.
Here is what to expect
Though SHIB failed to register any massive upticks lately, after this news broke, the meme coin’s price did correspond.
At the time of writing, SHIB was trading at $0.00001078, slightly higher than the past 24 hours, with a market capitalization of $5,921,568,523.
Interestingly, SHIB’s MVRV ratio also registered an uptick compared to last week. The coin’s social volume followed a similar route, and it grew slightly over the last few days.
Though the metrics and SHIB’s current price action do not directly indicate a northbound movement soon but considering all the positive developments in the community, we can expect these burns to reflect on SHIB’s chart in the months to come.
However, CryptoQuant’s data revealed that SHIB’s Relative Strength Index (RSI) was in a neutral position while its stochastic displayed that the market was oversold, which might also help SHIB register an uptick sooner than expected.