shiba inu waiting for eternity update
Shiba Inu (SHIB) rally may happen soon.
Recent events have sparked widespread interest in the Shiba Inu project and its native cryptocurrency. On Thursday, the company’s founder and lead programmer, Shiotoshi Kusama, informed SHIB Army that the company’s development team is working on a burn mechanism that will have implications for the entire Shiba Inu ecosystem.
SHIB holders can’t help but worry about the future, in what’s another big update with the community’s official Twitter account.
Shiba Inu ‘Eternity’ Enthusiasm
A lot has happened since the Australian release of Sheba Eternity. All this excitement and excitement is only fueled by the latest statement given by the official account’s tweet.
thanks to all the wonderful #shibarmi Audiences, participants and questioners.
— SHIBQueenie (@SHIBQueenie) 23 September 2022
The Shiba Inu team announced the official date for the global debut of the Shiba Inu Collective card game via the Twitter space event “Shiba Eternity Community Update”.
As announced, Sheba Eternity will launch on October 1. The Shiba Inu community will celebrate the release as “Download Day,” breaking the Android and iOS app stores together.
As a result there was a lot of excitement about the coin and the ecosystem as a whole.
There is another good news for the ecosystem. As of this writing, the development team is still finalizing Shiberium, an upcoming update that is expected to debut on or around September 30th.
that much needed scalability
The upgrade is believed to provide scalability to the Shiba Inu ecosystem and cut gas costs for everyone, especially in the gaming sector.
However, will this be enough to rally the coin?
Currently, the value of the coin is between $0.0000000957 and $0.00001230. This indicates that the currency is trading within its June price range, which is a less favorable period for the cryptocurrency.
This drop in price, which followed a progressive climb from June to August, is the result of large market factors.
The news of the recent hike in interest rates by 0.75 per cent and deteriorating year-on-year inflation scared investors and traders. The price declined by an astonishing 25.06 per cent from its latest peak on September 10.
SHIB is heading towards the opportunity
Nevertheless, it has risen from its September 21 lows to the $0.0001038 price range. This price range will support the token’s expected relief rally.
The last drop at $0.00001192 represents resistance. This level is important as the bulls can easily take advantage of any breakout towards the 78.60 Fibonacci level.
Due to the fact that the SHIB token is based on Ethereum, its value may be affected by the Ethereum ecosystem. The current market conditions can increase the volatility of the coin which can lead to a crash.
If the big financial markets rebound from the fall on September 13, we can expect SHIB to ride the tide of recovery.
SHIB total market cap at $5.8 billion on the daily chart | Source: TradingView.com Featured image from Coin Culture, Chart: TradingView.com