The global release of the Shiba Eternity video game was recently announced by Shiba Inu (SHIB). According to their roadmap, its developers have been working toward the creation of real-world utility. As a result, the new launch is a significant turning point for the SHIB community.
The most recent accomplishment for the Shiba Inu community is the launch of Shiba Eternity.
The game’s potential for real-world application was one of the main reasons for the high level of anticipation.a major focus for Shiba Inu as it continues to distance itself from the memecoin that gave it its name.
At press time, the launch of Shiba Eternity did not appear to have a significant impact on SHIB’s price action. At the time of writing, it was trading at $0.0000114, which is an increase of 0.26 percent over the previous 24 hours.
Despite the limited price upside, SHIB’s RSI did show a slight uptick, indicating an increase in relative strength. On the other hand, some of its on-chain metrics revealed interesting observations that may account for the modest increase.
Still, a sea of calm waters
During the trading session on Wednesday, October 5, the Shiba Inu age consumed metric saw a sharp increase of as much as 123.77 trillion SHIB.After sitting idle for some time, this indicates that a significant portion of the token was moved.
After a significant amount of the underlying cryptocurrency or token that was lying dormant is moved, this metric frequently displays a significant shift.This frequently occurs as a result of a token dump, which would cancel out the buying pressure caused by positive news in this instance.
While the supply held by top addresses may provide some clarity, the age consumed metric does not confirm direction.According to this metric, the total supply of SHIB coins held by top addresses has decreased by approximately 220 billion SHIB coins since October 1.
At its current market value, the offloaded SHIB amount amounts to roughly $2.5 million. Compared to Shiba Inu’s current market capitalization of $6.3 billion, this amount pales in comparison. The outflows from the highest addresses were not nearly enough to cause a significant price change.
On the other hand, it’s possible that investors’ lack of faith prevented SHIB from achieving sufficient bullish volume.When there is a significant decrease in network growth, whales are unlikely to buy.That was the situation during the trading session on Wednesday.
The Shiba Eternity global launch may have had no significant price impact due to the sharp decline in network growth.
