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Shiba Inu [SHIB], one of the most popular meme coins in the world has not had any promising price movements recently. It has recorded negative growth of 6% over the past seven days. However, some ongoing developments in the ecosystem could help SHIB turn the tide in its favor.
For example, October 1, 2022 is announced as the official launch date for SHIB Eternity. Shiba developers last year mentioned launching SHIB Etherenity next year, and that seems to be true. The news has led to positive periods for SHIB and pushed up the price of this token.
5% of the profits from the game are used to burn SHIB tokens
In addition to the announcement of the launch date, another important update was revealed: 5% of the total profit from the game will be used to burn SHIB tokens.
This is positive news for long-term investors. Every day, millions of SHIB tokens burn. More than 16 million SHIB tokens have been burned 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 tokens was further strengthened when SHIB recently topped the list of cryptocurrencies held by the top 2000 ETH whales.
🐳 The top 2000 #ETH whales are hodling
$130,216,330 $SHIB
$88,159,250 $BIT
$54,685,551 $UNI
$49,289,267 $MKR
$47,451,700 $LINK
$46,183,620 $LOCUS
$40,181,679 $MANA
$38,815,865 $CHZWhale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/yIqBt8sDob
— WhaleStats (tracking crypto whales) (@WhaleStats) September 22, 2022
Another study found that 30% of Shiba Inu’s investors are holding this meme coin with long-term investment goals.
As a result, shib Eternity’s increased burn rate and plan to capitalize on 5% returns give investors hope for more positive changes in the long term.
And here’s what investors can expect
Although SHIB hasn’t recorded any major gains recently, after this news came out, the price of this meme coin has fluctuated slightly.
At the time of writing, SHIB is trading at $0.00001078, slightly higher than the past 24 hours, with a Market Cap of $5,921,568,523.
Interestingly, SHIB’s MVRV rate also increased compared to the previous week. The meme coin’s social media popularity has also increased slightly over the past few days.
Although SHIB’s current price indicators and actions do not directly signal a strong uptrend, considering all the positive developments in the community, we can expect these increases to be displayed on SHIB’s chart in the coming months.
SHIB’s Relative Strength Index (RSI) is neutral while its Stochastic indicator indicates that the market is already in the oversold zone, which could also help SHIB record gains earlier than expected.
See also: Even if ALGO activity increases 4 times, Algorand investors should not expect too much
