Shiba Inu has endured another day of sideways and downwards price action as the meme coin continues to struggle to maintain any momentum.
As CryptoNews reported last week, the SHIB community has had some exciting announcements recently, but none have prompted any significant gains.
The coin is currently trading at $0.00001085, a near 2% decrease in the last 24hrs despite trading volume increasing 28% to $120 million in the same timeframe.
SHIB remains the second-largest meme coin by volume, trailing only Dogecoin.
SHIB Gets New Exchange Listing
One announcement that could get the price moving this week is SHIB getting a listing on another new exchange.
The ‘listing effect’ is a well-known phenomenon in crypto where coins pump ahead of and after release on a new exchange.
It generally happens not only because new investors with untapped liquidity on that exchange become interested in buying the token. But also because investors and traders on other exchanges know of the knock-on effect a listing can have on the price and also take up positions.
SHIB will be listed on BitMEX this week – although it has not been confirmed when exactly it will take place.
SHIB Whale Withdraws 1.72 Trillion Tokens
At the end of last week, a Shiba Inu whale withdrew 1.72 trillion SHIB from the Huobi exchange to an unknown wallet.
It is not yet clear what the whale intends to do with the tokens, but at the time of the withdrawal, they were worth more than $19 million.
Taking coins off an exchange is usually a sign that the investor is looking to hold onto the investment and not sell for a while.
ETH Whales Load up on SHIB
According to WhaleStats, which tracks the top 100 ETH holders in crypto, SHIB flipped Locus Chain (LOCUS) after a period of accumulation to become their top holding.
WhaleStats tracking data also shows the top 5,000 ETH holders have accumulated SHIB worth nearly $140 million.
That is also their top holding – outside of stablecoins – nearly double their second-largest holding, BIT.
Crypto influencer David Gokhshtein also made a bullish statement on Twitter, writing: “When it came to meme tokens, should have just went all in on SHIB.”
Shib Eternity Debuts as Top Download on Android and Apple
Shiba Inu launched as a meme coin with little utility, but in 2022 has continued to build out its ecosystem.
Its new Shib Eternity game launched on October 6 and reached the top of the downloads chart for card games and as high as 13th overall, although, again, the news did not do much to improve the price of SHIB.
While many praised the “fun” gameplay, others have criticized some of the more complicated elements, such as crafting.
The game currently has a 4.7-star rating on both Android and iOS stores, and the Shiba Inu founders will now release a full how-to guide to help players with the more difficult parts of the gameplay.
Writing on Discord, pseudonymous founder Shytoshi Kusama wrote: “For those of you who found the game a bit confusing, don’t worry, the ‘players guide’ is complete and getting polished before release. It will be searchable.”
SHIB Burn Increase
As is well documented, SHIB has a huge supply of tokens that continues to suppress the price.
There are currently around 550 trillion coins in circulation, arguably the biggest factor in the coin ever reaching a large individual price per token.
However, according to ShibBurn, burn efforts are increasing.
In fact, 56 million SHIB tokens have been burned in the last 24hrs alone.
Price Prediction: Will SHIB Pump This Week?
While there is lots of good news surrounding the project, bears are in control of SHIB, and the latest news has not been able to drive significant growth.
The short-term outlook is bearish – as CryptoNews analyzed here – having broken through the symmetrical triangle pattern.
Despite a lot of hype leading up to ‘Download Day,’ the day Shib Eternity was released, Shiba Inu remains in a bearish trend and looks set to continue that way.
Shiba Inu Alternative – Tamadoge
A viable alternative to SHIB is the third-largest meme coin on the market, Tamadoge.
TAMA pumped after its initial exchange offering (IEO) at the end of September, making near 2,000% gains for early investors.
The price has since retracted, but TAMA’s strong tokenomics and wider ecosystem – as well as rumored listings – should see growth again soon.
Tamadoge has a max supply of only 2 billion, which is 275,000 times less than SHIB and is also deflationary, with 5% of all transactions being burned.
A play-to-earn game based on the 90s craze Tamagotchi is set for release soon, with players growing their pets and battling to move up a global leaderboard for rewards.
The first 100 ultra-rare Tamadoge pets are on sale on OpenSea now.
Other P2E arcade games and an augmented reality app are also set for release in 2023.