Shiba Inu Despite the recent price drop, will it make a comeback?
Despite recent community-driven upgrades, Shiba Inu prices remain volatile.
New game launches and stablecoins hint at a bullish future for SHIB.
Shiba Inu (SHIB) has seen a lot of price volatility, recently topping $0.00001773 before settling at $0.00001739, up 8% in the past 24 hours despite a 12% weekly drop. This volatility has sparked a wave of uncertainty among traders and investors in the cryptocurrency market. However, on-chain metrics and recent developments suggest that the outlook for this meme token could be bullish.
Meanwhile, the Shiba Inu ecosystem has launched a series of upgrades that could boost its standing in the wider market. Lucie, the token’s marketing lead, recently announced that “Shib the Metaverse” is coming soon. The initiative aims to empower users by facilitating discussions of new ideas, voting on important proposals, and developing innovative strategies for the future of the ecosystem.
In another major development, the SHIB community hinted at the upcoming launch of the SHI stablecoin on Shibarium. These enhancements to user products could herald a paradigm shift in market sentiment around the token.
Optimistic Outlook from Recent Updates
This bullish outlook is further reinforced by on-chain data, with reports of a significant increase in SHIB burns, which has reduced the token’s supply. Additionally, Shiba Inu whales have reportedly moved 8.27 trillion tokens, indicating a renewed interest from large investors. This activity, coupled with an expected “Uptober” rally, strengthens bullish predictions for SHIB’s price action.
Despite the recent price drop, the SHIB community remains active. Official gaming subsidiary Play With SHIB has launched a blockchain version of the popular Shiba Eternity mobile card game. This Web3 version prioritizes holders of specific NFTs and improves on previous technical issues based on community feedback.
With Shiba Inu reinvigorating the game, the community believes the future looks promising, with crypto enthusiasts maintaining a positive outlook on the dog-themed coin.
Featured News of the Day
Can Base sustain growth as competition heats up?
