While Meme Coin Shiba Inu performed better than anticipated, it is still a significant drop from its high. This does not mean that the work that went into developing the digital asset has been stopped. SHIB developers now share some of the products that have been in development. They, along with others, show a bright future for this digital asset. However, some of these products have potential upsides for SHIB.
One Game, one Whale, and One Burn
This week was a busy one for Shiba inu. First, the lead Shiba Inu developers revealed that SHIB Eternity was now complete. Users are currently testing it. Some of the community members have taken to it. TwitterYou can share your experiences playing the game. SHIB Eternity will be released for download to all players on Thursday.
The important thing for the memcoin is another large purchase made by one of the most powerful Ethereum whales. The whale is ranked as the 98th largest ETH-whale and had bought 300 billion SHIB. At the time, the total was $3,417,000 What the whale did to the tokens purchased was even more significant. Two transactions were made by the whale to move SHIB into anonymous wallets. This was presumably in exchange for holding.
The SHIB is down over 80% since its high of 83.| Source: SHIBUSD on TradingView.com
The SHIB fire, which has been ongoing for some time now, is third on the list. The burn is getting faster with each day. This has helped to increase the community’s morale. Over 560,000,000 SHIB were burned over 54 transactions. A total of 257.49 Million SHIB was burned in one transaction. This is a new record.
Is this a way to increase the price of Shiba Inu?
These events are vital for memes coins like Shiba Inu. Previously, they were heavily criticised due to their lack of utility as well as a large supply. SHIB now has more utility than just being a payment token. Instead, it can be used to create a fun game for players. This launch, which is highly anticipated, will boost the price for the digital asset.
It has been proven that large whale purchases can also affect the value of digital assets. For example, following the $3.4 million purchase by the 98th largest ETH whale, Shiba Inu’s trading volume had jumped more than 50% and saw a price gain of about 1.2% in the same 24-hour period. Although it may not seem like a significant jump from established margins, this helps to prop up cryptocurrency’s price at a time digital assets are experiencing dips.
SHIB burning is perhaps the most critical thing for a digital asset. A decrease in supply will increase the chances of an asset’s price rising. Keep in mind, however, that SHIB trading volumes are on the decline. This could result in a less robust performance during the week ahead.
Featured image by Finbold. Chart from TradingView.com
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