The original release of the blockchain implementation of Shiba Eternity occurred in Australia on September 17. Shiba Inu followed the larger market sell-off that began on September 13 and rallied nearly 7% from September 17-18.
During this time span, the rally did not significantly alter market sentiment. New information about the game’s release, though, may add some hype.
According to a recent tweet by Shib Rumours, the release date of the game is set for October 1. However, the latest post on the official Shiba Inu Twitter account indicates that the worldwide launch of the game will take place on October 6.
SHIB has a current trading range of $0.00001073 – 0.00001154. Could the meme coin see a resurgence after the game’s release?
Shiba Inu: Increasing Speed
After the latest sell-off on September 18, an uptrend has been noted and has been very consistent up to the time of writing. Given that this occurred only a day after the Australia release, it’s likely that long-term token holders witnessed the price increase and sold off their holdings.
During this period, the memecoin saw a pullback and plummeted 8.5% immediately. Currently, the recent price movements have created a head and shoulders pattern before to today’s breakout. During this breakout, the price increased by 2.9%
Given the current state of Shiba Eternity, this price movement can be regarded as a sign of increased anticipation for the game’s October 6 release. ETH whales are also contributing to the hype train.
According to WhaleStats, the top 1,000 Ethereum whales have more than $147.5 million. WhaleStats also regarded Shiba Inu as the token with the highest dollar value position.
Keeping A Close Eye On The Market
Therefore, there are a few things that future Shiba Inu players and investors/traders should be aware of.
One of these is that a price increase is frequently followed by a severe market correction, similar to what we experienced on September 18 following the rally on September 17.
As of this writing, SHIB is trading at $$0.00001137, up 2.5 percent in the last seven days, data from Coingecko show, Saturday.
As October 6 approaches, we will have a better sense of whether Shiba Inu will increase in value or decline further.
SHIB total market cap at $6.29 billion on the daily chart | Source: TradingView.com Featured image from VOI, Chart: TradingView.com