December 5, 2022

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SHIBs continued to struggle to maintain the momentum and experienced another day of sideways and downward movement.

According to the CryptoNews report, the SHIB cryptocurrency association has made a number of interesting announcements over the past few weeks, none of which have produced serious profits. 

The coin is now exchanged at $0.00001085 and has declined about 2% in the last 24 hours, regardless of a 28% increase in trading volume. SHIB is the second most traded meme coin after Dogecoin. 

The last week statistics

Late last week, SHIB Whale pulled out 1.72 trillion SHIB from the Huobi crypto lender to an unknown account. It’s not yet clear what they aim to do with the crypto-assets, but at the time of the recall, the tokens were prised for more than $19 million 

WhaleStats inquiry information also shows that the top 5,000 ETH buyers have collected $140 million worth of SHIB. This is also the largest volume of non-stablecoin holdings, nearly twice the size of the second-largest BIT.

Shibabu launched app

Shib Eternity was launched as a low-usage coin, but continues to grow its ecosystem in 2022. Its new game Shib Eternity was released on Oct. 6 and topped the charts, ranking 13th overall.

Increase SHIB’s entry

SHIB is known to have impressive token resources, and it continues to knock down its value.

There are nowadays about 550 trillion coins in flow, which is probably the most important factor in achieving a high individual price per one SHIB. Nonetheless, according to ShibBurn, the number of write-down attempts is on the rise.

In fact, on Oct. 10, they were up more than 1,000%, burning 56 million SHIBs in the last 24 hours. 

Price prediction

Despite a lot of good news around the project, the recent bear-dominated movement in SHIB has not brought significant profits. After breaking the symmetrical triangle pattern, the short-term outlook is bearish, as analyzed by CryptoNews.

Despite widespread publicity ahead of Download Day, the release day of Shibu Eternity, Shibu Inu is still in a downtrend and is likely to continue it. Although, the long-term predictions might be more optimistic.

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