SHIB’s price could go up or down with the worldwide release (October 6) of Shiba Eternity. The game was first unveiled on August 3rd, and was enthusiastically embraced by the meme currency community. The game was initially made available in Vietnam and Australia.
The game will increase the supply depletion of the token, which will increase the market price as there are fewer coins in circulation.
In the second half of September, the lead developer of the Shiba Inu project, Shytoshi Kusama, tweeted this information: according to ShibBurn, the total number of tokens burned since the beginning of the process is 410,372,670,567,871, which may seem a big number, but SHIB’s initial offering was 1 quadrillion.
That aside, what does the game’s global debut entail?
SHIB objective: Service to the community
Shiba Archives reports that the coin is now accepted as payment for crypto tax services. This is just one example of the real-world utility that developers in the SHIB community are generating.
This becomes apparent with the game’s launch, thanks to the game’s built-in save mechanic.
Image: Esports.net
If you want to raise the price, you can burn through some of the available supply and force a shortage. Simply put, governments’ quantitative tightening efforts are eating into the money supply right now.
The prices of the fiat currency or cryptocurrency will benefit from this in the long run. By offering practical applications for the token, Shiba Inu effectively breaks away from its memecoin roots.
Chart: TradingView.com
Extremely calm waters?
In shorter time frames, the price action was limited to a narrow range of $0.00000994-$0.00001217. This may suggest that buyers cannot get enough strength to push prices past the $0.00001179 barrier.
Unexpectedly, the price has been relatively consistent, moving in a range from $0.00001081 to the resistance level indicated above. The price is on a modest rise on the intraday and 4-hour timescales, which would be supported by the release of the game.
However, the token’s Bollinger Band has entered a consolidation region, making it difficult to break out of what was initially predicted. Long positions can be entered at $0.00001117 and losses can be capped at $0.000001078.
SHIB market cap at $6.2 billion | Featured image from The Happy Puppy Site, Chart: TradingView.com
