Shiba Inu (SHIB) Falls Below Support Despite Interest from Ethereum (ETH) Whales

Stormy seas for Shiba Inu & Bone ShibaSwap continue even with Ethereum whales still treasuring the dog-themed crypto.

Shiba Inu (SHIB) Falls Below Support Despite Interest From Ethereum (ETH) Whales

Shiba Inu (SHIB) made a couple of important moves last week, most notably dropping the Shiba Eternity collectible card game for both Android and iOS users on October 6th, 2022. The hugely anticipated mobile card game has seen success, and it even topped Uno for the top mobile card game.

However, the developments surrounding Shiba Inu’s (SHIB) Ecosystem are yet to reflect on its market price. On top of that, Shiba Inu (SHIB) even dropped below the important resistance line at $0.00001 for a couple of hours on October 11th, 2022. The crucial resistance line broke due to the fact that the 24-hour RSI pointed toward an ‘oversell’ situation.

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It might not come as a surprise, since the Crypto Fear & Greed Index stands at 24, which indicates “Extreme Fear.” To boot, Shiba Inu’s (SHIB) governance token, Bone ShibaSwap (BONE), is getting dumped by investors.

Shiba Inu (SHIB) Faces Competition from Polygon (MATIC)

In spite of the bearish trends, Ethereum (ETH) whales seem to still have faith in the popular dog-themed memecoin. At the moment, Shiba Inu (SHIB) is still the most-held cryptocurrency among the top 100 Ethereum (ETH) whales, as shown by statistics provided by WhaleStats.

Besides, Dai (DAI) stablecoin overtook Shiba Inu (SHIB) for the #12 spot by total market capitalization. The Japanese guard dog-themed cryptocurrency has to grin and bear it, as the #14 placed altcoin Polygon (MATIC) is looking to take the #13 spot away from memecurrency Shiba Inu (SHIB).

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At press time, Shiba Inu’s (SHIB) total market capitalization stands at $6,120,490,768, according to CoinGecko. On the other hand, the thriving Polygon (MATIC) has a market capitalization of $5,994,983,159, boosted by a number of partnerships with well-known brands like Coca-Cola, Disney, and rapid retail adoption.

At the time of this publication, the original “Dogecoin (DOGE) Killer,” Shiba Inu (SHIB) trades at $0.00001039, according to CoinGecko. The memecoin managed to bounce back from adding another zero; however, it is still 4.5% in the red for the last 24 hours. On top of that, Shiba Inu (SHIB) was slapped around by bears throughout the week and had to come to terms with the 7.1% deficit.

On the Flipside

  • #SHIB is once again trending on Twitter this Wednesday afternoon, despite the decline in its market price.
  • Shibarium is still nowhere near release. However, Shytoshi Kusama is working on the documentation.

Why You Should Care

Recently surpassing rival memecoin Dogecoin (DOGE) in followers on Twitter, Shiba Inu (SHIB) has the potential to become the top dog memecoin. With a wide community and constant upgrades from the devs, Shiba Inu (SHIB) is getting ready to end its memecoin era.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.