In the previous day, SHIB’s price has declined 7.7%, along with that of the bulk of the cryptocurrency market. According to our tracking, the 13th largest cryptocurrency, with a $5.9 billion market value, is today trading at $0.00001019. The Dogecoin-like dog-themed altcoin is currently down 8.8% over the previous seven days, substantially below where it was predicted to be with the release of the Shiba Eternity game. Following the occurrence, it was expected that Shiba Inu would have a bullish surge and experience a 3x boost in trading price. Additionally, it was expected that when the item changed hands five times, its valuation would grow. However, the latest decrease left some crypto aficionados perplexed as to why the SHIB price lost momentum following the introduction of the Shiba Eternity games.
How Shiba Eternity Affects SHIB Price
SHIB was unable to take advantage of this year’s highly anticipated game release in the crypto sector to break out of its slump and bearish momentum. However, one should keep in mind that “Eternity” is a recently produced product and might not yet be able to command a significant demand for the SHIB community. It will take some time until it receives huge demand and token burning, two traits that can assist Shiba Inu ultimately experience a bullish run. Even though the anticipation was enormous, it dissipated as soon as the game was made available. The token’s performance once more made people who were searching for an upward trend less confidence. Before Shiba Inu makes its next big move, investors in SHIB should look out for these signals since the cryptocurrency is heading down once more.
On Sentiment And Price, SHIB
The weighted sentiment for SHIB is once again in the negative region as of the time of writing, according to data from Santiment, which aligns with the stock price’s return to fall. A similar dropping trend is being seen in the 90-day mean coin age, which is already approaching the lower end of the four-week range. This movement signals that fellow meme cryptocurrency Dogecoin will continue to plummet. Selling pressure is developing among investors who purchased SHIB in the past three months, upending any bullish volume the asset was banking on. Mega accounts with trillions of coins in them have also been dumping and selling their currencies. As a result, investors in SHIB should forecast bullish movement of the cryptocurrency asset if the selling pressure substantially reduces. Additionally, they have the option of waiting for the Shiba Eternity game to reach some experience and the capacity to command high token demand in the hopes that this will once again drive the price of SHIB to all-time highs.