Why SHIB Price Lost Its Bullish Energy After Shiba Eternity Games’ Release
11 Outubro 2022 - 5:30AM
NEWSBTC
SHIB, along with the greater majority of the crypto space, stared
at price dips for the last 24 hours with the asset declining by
7.7%. Shiba Inu seen growing five times towards the end of October
after Shiba Eternity release SHIB down 8.8% for the past seven days
Shiba Inu headed for another bearish momentum The 13th largest
cryptocurrency having a total market capitalization of $5.9 billion
currently trades at $0.00001019 according to tracking from
Coingecko. The dog-themed altcoin akin to Dogecoin has now lost
8.8% of its price for the past seven days and is on a position that
is far from what was expected of it after the release of the Shiba
Eternity game. Following the development, Shiba Inu was forecasted
to have a bullish rally and immediately grow 3x in terms of trading
price. Not only that, the asset was also predicted to increase in
value as it changes hands five-fold. But the recent decline made
some crypto enthusiasts wonder why SHIB price lost its energy after
Shiba Eternity games’ release. Related Reading: Quant Price Watch:
Crypto Looking At 20% Rally This Week With This Pattern Shiba
Eternity – How It Impacts SHIB Price SHIB failed to leverage the
release of one of the highly anticipated games in crypto space this
year to help it move out of its slump and 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. As great as the hype
it created was, excitement died down as soon as the game became
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: On Sentiments And Price At
the time of writing, data from Santiment reveals the weighted
sentiment for SHIB is on the negative territory again, just as its
price was back on a decline. The 90-day mean coin age is also
experiencing a continuous drop, moving towards the lower part of
the four-week range. This movement indicates another bearish run
for Dogecoin’s fellow meme crypto. Investors who have bought SHIB
within the last three months are selling their holdings, increasing
the selling pressure that upended any bullish volume that the asset
is banking on. Source: Santiment Additionally, mega accounts that
are home to trillions of coins have also been selling and
offloading their coins. With this, SHIB investors should expect
bullish movement of the crypto asset once the selling pressure
drops significantly. Also, they can also wait for the Shiba
Eternity game to mature a bit and have the capacity to command
large token demand and hope that this will propel SHIB price to new
heights once again. Related Reading: Terra Classic Notches 5% Spike
In Last 24 Hours – Can LUNC Maintain Positive Momentum? SHIB market
cap at $5.7 billion | Featured image from BSC News, Chart:
TradingView.com
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