Why SHIB Price Lost Its Bullish Energy After Shiba Eternity Games’ Release

Christian Encila

2 years ago

3 mins read

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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.

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.

SHIB market cap at $5.7 billion | Featured image from BSC News, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.