The original launch of the Shiba Eternity blockchain implementation occurred in Australia on September 17. Shiba Inu followed the market sell-off that began on September 13 and rallied nearly 7% between September 17 and 18.
During this time frame, the rally did not significantly alter market sentiment. However, new information about the game’s release may add some hype.
According to a recent tweet from Shib Rumors, the game’s release date is set for October 1. However, the latest post on the official Shiba Inu Twitter account indicates that the global release of the game will take place on October 6.
SHIB has a current trading range of $0.00001073 – 0.00001154. Could meme currency see a resurgence after the game’s release?
Shiba Inu: increasing speed
After the last sell-off on September 18, an uptrend has been seen and it has been very consistent at the time of writing. Since this happened just a day after the Australian launch, it is likely that long-term token holders witnessed the price increase and sold their holdings.
During this period, the memecoin experienced a pullback and crashed 8.5% immediately. Currently, recent price movements have created a head and shoulders pattern ahead of today’s breakout. During this breakout, the price increased by 2.9%
Given the current state of Shiba Eternity, this price move can be seen as a sign of heightened anticipation for the game’s release on October 6. ETH whales are also adding to the hype train.
According to WhaleStats, the top 1,000 Ethereum whales hold over $147.5 million. WhaleStats also considered Shiba Inu as the token with the highest dollar value position.
Keep a close eye on the market
Therefore, there are a few things that prospective Shiba Inu players and investors/traders should be aware of.
One of them is that a price increase is usually followed by a severe market correction, similar to what we experienced on September 18 after the rally on September 17.
At the time of writing this article, SHIB is trading at $$0.00001137, an increase of 2.5 percent in the last seven days, data from the Coingecko program on Saturday.
As October 6 approaches, we will have a better idea of whether the Shiba Inu will rise in value or decline further.
SHIB Total Market Cap at $6.29 Billion on Daily Chart | Source: TradingView.com VOI Featured Image, Chart: TradingView.com
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