The price of Shiba Inu fell 2.5% on Wednesday (July 31) to 0.00001634 USD, while the cryptocurrency market as a whole lost 0.5% over the past 24 hours. SHIB is now down 5% in a week and 15% in 15 days, although the popular meme coin is up 95% in a year.
However, SHIB could also see further gains in the short term as the beta version of the Shiba Eternity game has been launched on Web3.
This new version will run on the Shibarium layer-2 network, and some members of the Shiba Inu community hope that its launch will accelerate the burning of SHIB tokens. This, in turn, could increase the price of the meme token.
Shiba Inu Price Surge in Sight? Shiba Eternity Game Could Increase SHIB Token Burn
The SHIB chart suggests that after a period of decline and selling, the meme coin is poised for a recovery.
Its 30-day moving average (in orange) has fallen to a new low relative to its 200-day one (in blue), indicating that the coin is in an oversold position.
SHIB’s relative strength index (RSI) (in purple) supports this view, having dipped just below 30 last night and now starting to recover.
Another factor that also encourages this view is the token’s support (green) and resistance (red) levels, which are getting closer. As a result, a flag pattern is created that often signals a breakout.
Thus, this breakout could happen in the coming days, with the launch of the Shiba Eternity beta version creating excitement in 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.
Shiba Eternity is a play-to-earn collectible card game that will run on Shibarium, Shiba Inu’s own second-layer network.
Assuming it sees widespread adoption, Shiba Eternity will generate traffic on Shibarium, which will result in Bone being used for transaction fees.
Additionally, using Bone will require burning SHIB tokens, with the Shiba Inu protocol having already burned around 410 trillion tokens so far, out of a maximum supply of 999.9 trillion.
The full version of the game may still take a few months to launch
Of course, it’s presumptuous to conclude that the Shiba Eternity will attract many users, and it could still be several months before it’s fully launched.
Still, everything points to the utility and fundamental strength of Shiba Inu. Like it or not, the token undoubtedly remains the most valuable meme token on the market.
Finally, with everything indicating that the market in general will end the year well, the price of Shiba Inu could reach 0.00002 USD in the coming weeks. And in an optimistic scenario, it could end the year at 0.00004 USD.
