This could mean that the exchange outflow transfer to a personal wallet could be for accumulation purposes (while deposits may be for dumping).
Such activity in the market can have a bullish effect on the price of the memecoin. Additionally, Shiba Inu’s [SHIB] first collectible card game, Shiba Eternity made its way to global mobile platforms for users to download and play. Since then, the game gained traction as it became available for download on Android and iOS devices.
Given the game created a lot of headlines, how did SHIB as well as HODLers cope with this “buzz”?
Here’s AMBCrypto’s Price Prediction for Shiba Inu (SHIB) for 2023-24
Fair to say, the significant development saw some interesting moves in the north direction for the meme-coin.
The total number of unique addresses marched ahead. Despite the crypto market’s sluggish condition, a portion of the dog-themed coin’s investors remained optimistic.
On CoinMarketCap, SHIB registered 1,219,031 holding addresses, representing an increase of ~36k new holdings over the course of three months.
Yes, the drawdown was intense but the said increase could be seen in the graph above. Not just this, but even dominant buyers sensed or rather showed this enthusiasm.
Furthermore, SHIB’s burning tracking website noted a similar rise, hours after the game went live. On 7 October, the rate of burning Shiba Inu coins unexpectedly rose by a whopping 1,017% compared to the previous 24-hour period, when merely 6 million SHIB were burned.
At the time of writing, SHIB’s burn rate stood in the green zone with a ~55% increase.
Indeed, the burn rate of Shiba Inu soared as the community looked forward to the “download day.”
Look here as well
Now talking about the elephant in the room, you may ask, did all the aforementioned developments help the price? Well, not really.
At the time of writing, SHIB stood at the $0.00001 mark as it suffered yet another price correction.
Well, overall, the lack of volatility, poor price performance, and the disappearance of whale support has led to catastrophic consequences for the token.