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Shiba Inu (SHIB) Price in Powerful Action as Developer Hints Major Update

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VOC, Voice of Crypto, Shiba Inu, SHIB

Key Insights

  • Shiba Inu performed extremely well during last week’s bullish streak
  • The Shiba Inu account has been tweeting cryptic teasers for the past two weeks. 
  • As it turns out, the treat is about Shib Eternity, the Shiba-Inu-based game released in September.

Shiba Inu is in the news again and has caused quite a buzz.

During last week’s bullish streak, several altcoins performed extremely well, and the memecoin, Shiba Inu, was one of them.

The cryptocurrency attempted another hit at the important $0.000014 support for the first time since August. At the end of last week, SHIB could not fully break out from this resistance and ended up in a false breakout. However, the memecoin has managed to stay near this level regardless.

The cryptocurrency managed to break through this level last year in October and was followed by an explosive 150% move to the upside soon after.

Chart showing breakout on Shiba Inu in October 2021| Source: Tradingview

The second breakout from this zone happened in early August and was followed by a 20% move to the upside.

Chart showing breakout from the $0.000014 resistance in August| Source: Tradingview

After breaking this resistance, Shiba Inu’s bullish moves further validate it as a major one.

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The MACD on the daily chart further shows the MACD line above the signal line, indicating that the bulls are in control until a breakout to the upside or a bearish crossover happens.

However, it is important to note that as Shiba Inu continues to hover around this resistance zone, the support zone around $0.0000117 should be closely watched if a breakout fails.

Chart showing possible breakout on Shiba Inu or a reversal to the $0.0000117 zone |Source: Tradingview

The Mysterious Shiba Inu Tweet

The Shiba Inu account has been tweeting cryptic teasers for the past two weeks. Recently, the official SHIB token account tweeted a mysterious post that caused quite a stir and kept the SHIB army guessing.

The tweet featured a single word: “Trick.”

Considering how the tweet came out on Halloween, the SHIB army took it to mean the first part of the “trick or treat” phrase associated with the season. Many Twitter users began to speculate that Shiba Inu and its development team probably had a “special treat” incoming.

And at the end of the day, they were right. The SHIB account tweeted the actual treat. 

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As it turns out, the treat is about Shib Eternity, the Shiba-Inu-based game released in September.

According to the tweet, on November 2nd, on Día de Los Muertos, the official and unique Shiba Eternity Players Guide will be made available to Shib Eternity players. The tweet also mentions that Shib’s CCG game, unique narrative, and graphics will all be included in the 1000+ page booklet to be released.

This comes when the fourth successful alpha testnets for Shiba Inu’s layer-2 scaling solution, Shibarium, is set to be released before the end of 2022 or at the start of 2023.

SHIB Burn Data Shows Decline

Due to recent market movements, Shiba Inu’s burn rate figures have spiked from a short-term perspective. The most intriguing part of this is SHIB’s burn rate this week, which soared and reached 1,720% even after the coin’s quotations appeared to be cooling along with the rest of the market after last week’s bullishness.

As of yesterday, 44 million SHIBs had been burned in the last 24 hours, representing 41.9% of all tokens burned in the last seven days. 

Yet, despite the three-digit burn rate and the six-digit number of SHIB burned, its equivalent value only amounts to about $525.

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The token burn rate also shifted sharply to the upside a few days before the SHIB price rally when its value doubled in only two days. 

However, from a long-term perspective, the burn rate on Shiba Inu is declining at best. 

It has fallen by more than 60% since September. And as far as metrics show, this burn rate has declined, after a brief plateau in the third quarter of the year, only growing by 16.9% between October 23 and October 27.

 

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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