Bitcoin & Crypto & NFT News
Meme coin Shiba Inu has held up better than expected, but the digital asset is still down considerably from its all-time high. However, this has not stopped the development that has been going on behind the scenes, and now SHIB developers have begun to share the products that they have been working on. These, and others, have shown a promising future for the digital asset, but some show some possible upside for SHIB this week.
A Game, A Whale, And A Burn
The past week has been an interesting one for Shiba Inu. First, lead Shiba Inu developers announced that the SHIB Eternity game was complete and is now being tested by users. The game has been made available to community members in Vietnam and Australia, some of whom have taken to Twitter to share their experiences with the game. So far, the reviews have been good, and SHIB Eternity is set to be available for general download on Thursday.
Another important development for the meme coin is a large purchase from one of the biggest Ethereum whales. This whale which is ranked as the 98th largest ETH whale, had purchased 300 billion SHIB. The total came out to $3,417,000 at the time of the purchase. But even more important was what the whale did with the tokens once purchased. This whale had moved the SHIB in two different transactions to anonymous wallets, presumably for holding.
SHIB down more than 80% from all-time high | Source: SHIBUSD on TradingView.com
Third on this list is the SHIB burn that has been going on for a while. With each passing day, the burn has been accelerated, which has done well to boost the morale of community members. In the span of 7 days, more than 560 million SHIB had been burned across 54 transactions, with a total of 257.49 million SHIB burned in a single transaction, a new record.
Can This Boost Shiba Inu Price?
These events are important to meme coins like Shiba Inu, which had been heavily criticized for its lack of utility and large supply. SHIB has now transcended just being used as a payment token as its only utility to having a working game that players can enjoy. The launch is an anticipated one that will likely boost the price of the digital asset once announced.
Large purchases from whales have also been known to move the price of the digital asset. 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. It may not be a large jump by established margins, but it works to help prop up the price of the cryptocurrency at a time when digital assets are suffering dips.
The SHIB burn is perhaps one of the most important things for the digital asset. By reducing the supply of any asset, the higher the chance that the value goes up. However, it is important to keep in mind that the trading volume of SHIB is on the decline, which could lead to a muted performance over the next week.
Featured image from Finbold, chart from TradingView.com
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