The price of SHIB could either rise or fall with the global launch (October 6) of Shiba Eternity. The game was introduced for the first time on August 3, and the meme coin’s community enthusiastically embraced it. The game was initially made available in Vietnam and Australia.
The game will add to the depletion of the token’s supply, which will increase the market price as there are less coins in circulation.
In the latter half of September, the primary developer of the Shiba Inu project, Shytoshi Kusama, tweeted this information: according to ShibBurn, the total number of tokens burned from the beginning of the process is 410,372,670,567,871, which may seem like a large figure, but the initial supply of SHIB was 1 quadrillion.
Putting this aside, what does the game’s global debut entail?
SHIB Objective: Community Service
Shiba Archives reports that the coin is now accepted as payment for crypto tax services. This is only one example of the real-world utility that the SHIB community’s developers are generating.
This becomes readily obvious upon the game’s release, thanks to the game’s integrated burn mechanics.
If you want to drive up the price, you can burn some of the available supply and force a shortage. Simply put, governments’ quantitative tightening efforts are devouring the money supply at the moment.
Either fiat currency or cryptocurrency prices will benefit from this in the long run. By offering practical applications for the token, Shiba Inu effectively disassociates itself from its memecoin roots.
Extremely Tranquil Waters?
On shorter time frames, the price action was contained to a narrow range of $0.00000994-$0.00001217. This may suggest that buyers are unable to gain sufficient steam to push prices beyond the $0.00001179 barrier.
Unexpectedly, the price has been relatively constant, moving in a range from $0.00001081 to the previously indicated resistance level. The price is on a modest climb in the intraday and 4-hour time scale, which would be supported by the release of the game.
However, the token’s Bollinger Band has entered a consolidation region, making a breakout more difficult than was originally anticipated. Long positions can be entered at $0.00001117, and losses can be limited at $0.000001078.
SHIB market cap at $6.2 billion | Featured image from The Happy Puppy Site, Chart: TradingView.com