The Shiba Inu price has dropped by 2.5% today, with its fall to $0.00001634 coming as the crypto market as a whole loses 0.5% in 24 hours.
SHIB is now down by 5% in a week and by 15% in a fortnight, although the popular meme coin sits on a 95% gain in a year.
It may also see renewed gains in the near term, with Shiba Eternity having launched the beta of the Web3 version of its game yesterday.
This new version will run on layer-two network Shibarium, with some Shiba Inu community members expecting its rollout to accelerate the burning of SHIB tokens, which in turn could boost the meme token’s price.
Shiba Inu Price Surge Incoming? Shiba Eternity Game to Boost SHIB Token Burns
SHIB’s chart would suggest that, after a period of decline and selling, the meme coin is ready to make a comeback.
Its 30-day moving average (orange) has fallen to a new low relative to its 200-day (blue), meaning that the coin is in an oversold position.
SHIB’s relative strength index (purple) supports this view, having fallen just below 30 last night and now beginning to recover.
What’s also encouraging is that the token’s support (green) and resistance (red) levels are moving towards each other, creating a pennant that often signals a breakout.
We may see such a breakout in the next few days, with the launch of the Shiba Eternity beta creating excitement within the SHIB community.
The more people play Shiba Eternity
, the more transactions will happen on #Shibarium
, the more $BONE will be used
, the more $SHIB will be burned
, and the greater the demand for Shiboshis will be
.
THIS IS CALLED AN ECOSYSTEM
pic.twitter.com/yIxwz3fV1Z
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 30, 2024
Shiba Eternity is a play-to-earn card collecting game which will run on Shibarium, Shiba Inn’s own layer-two network.
Assuming that it gains substantial adoption, Shiba Eternity will generate Shibarium traffic, which in turn will result in the use of Bone for transaction fees.
And the use of Bone will necessitate the burning of SHIB, with the Shiba Inu protocol having burned around 410 trillion of the token to date, out of a total max supply of 999.9 trillion.
Of course, it’s presumptuous to conclude that Shiba Eternity will attract lots of adoption, while it may not launch in full for several months yet.
Still, it all points to the utility and fundamental strength of Shiba Inu, which arguably remains the most valuable meme token in the market.
2/2
Total wallets: 1.81 Million
Total transactions: 418.00 Million
Total blocks: 6.05 Million
Average block time: 5.02s
Transactions Today: 2.56 Thousand#UseShibarium #Shibarium— Shibarium Statistics (@ShibariumStats) July 31, 2024
Not only can it point to Shibarium, but it also has a layer-three network in the works.
And with the market potentially on course for a strong end to the year, the Shiba Inu price could reach $0.00002 in the next few weeks, before ending the year at $0.00004.
New SHIB Meme Token Could Have Bigger Rally
Pessimists could counter that Shibarium transactions have dried up in recent weeks, and that Shiba Eternity will fail to set the layer-two alight.
For this reason, some traders may be looking for other opportunities, with certain newer meme tokens – including presale coins – showing promise right now.
A good example of such a coin is Shiba Shootout (SHIBASHOOT), a new Ethereum-based token that has raised over $800,000 in its sale.
BOOM!!!
Another huge achievement for #SHIBASHOOT
We've successfully raised over $800,000!
The excitement with #SHIBASHOOT keeps growing, stay tuned for more updates!
pic.twitter.com/l6hZyaHhjk
— shibashootout (@shibashootout) July 29, 2024
What’s unique about Shiba Shootout is that it mixes familiar Shiba Inu memes with Wild West themes and styles.
It’s developing a community centered around shared participation in mini-games and contests, including poker tournaments, lotteries and virtual treasure hunts.
The aim of this is to grow a healthy community that will support SHIBASHOOT once it launches and help to grow its ecosystem.
The SHIBASHOOT token will have a max supply of 2.2 billion SHIBASHOOT, with its presale receiving 35% of this supply.
Another 20% of this will go to staking, with the token also offering special saving wallets to loyal holders.
Staking will incentivize ownership, as will the ability to participate in governance votes.
SHIBASHOOT will therefore be a rare example of a meme token with lots of utility, giving it a strong chance of becoming one of the biggest new coins of the year.
Investors can participate in its presale by going to the official Shiba Shootout website, where 1 SHIBASHOOT token costs $0.0197.
This price is likely to seem cheap once the coin lists in the next couple of months, so investors should act sooner rather than later.
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#PricePredictions #MemeCoins #PricePrediction #SHIB [Source: CryptoNews]