SHIB was among the larger crypto community that faced price declines over the past 24 hours. The asset fell 7.7%.
- Shiba Inu is seen increasing five-fold towards the end October, following Shiba Eternity’s release
- SHIB is down 8.8% over the past 7 days
- Shiba Inu heading for another bearish momentum
The 13ThAccording to Tracking from, the largest cryptocurrency with a market capitalization totaling $5.9 Billion currently trades at $0.00001019 Coingecko.
Dogecoin, an altcoin similar to Dogecoin, has lost 8.8% over the last seven days. It is in a far worse position than expected after the Shiba Eternity release.
This development led to the forecast of a Shiba-Inu bullish rally that would immediately lead to a 3x increase in trading prices.
The asset’s value was predicted to rise fivefold as its ownership changed hands. But the recent decline made some crypto enthusiasts wonder why SHIB price lost its energy after Shiba Eternity games’ release.
Shiba Eternity – How It Impacts SHIB Price
SHIB did not capitalize on one of the most highly anticipated games in the crypto space this past year, which would have helped it overcome its current slump and maintain its bearish momentum.
But one should take into consideration that “Eternity” is a newly introduced one and might not yet have the ability to command great demand for the SHIB community.
It will take some time for it to command significant demand and token burns – two factors that could help Shiba Inu finally have its bullish run.
Although the excitement was immense, it quickly faded once the game was made available. The token’s performance once again put doubt among those that were hopeful for an upward trend.
Right now, as the crypto is down once again, SHIB investors should look out for these signs before Shiba Inu’s next big move.
SHIB: Sentiments and Price
Data from Santiment shows that the weighted sentiment of SHIB has moved back to the negative at the time this article was written. This is just after its price fell again.
A continuous decline in the 90-day median coin age is being observed, with the trend moving toward the lower end of the four week range. This movement indicates another bearish run for Dogecoin’s fellow meme crypto.
SHIB is being sold by investors who bought it in the past three months. This increases the selling pressure and erodes any bullish volumes that the asset depends on.
Also, huge accounts that hold trillions worth of coins are also selling or offloading their coins.
SHIB Investors should anticipate bullish movement in crypto assets when the selling pressure decreases significantly.
You can also put off the Shiba Eternity games until they mature. Once that happens, you will have large token demand. This could help propel SHIB prices to new heights.
SHIB market capital at $5.7 Billion. Featured image by BSC News. Chart: TradingView.com.| Featured image from BSC News, Chart: TradingView.com