How Shiba Eternity laid the groundwork for Shiba Inu price explosive rally


  • Shiba Inu recently unveiled the name of its long-awaited Collectible Card Game Shiba Eternity, preparing the meme coin for a rally. 
  • The announcement acted as a bullish trigger for Shiba Inu, alongside an 80 million SHIB burn. 
  • Analysts are bullish on a Shiba Inu rally, predicting a breakout in the meme coin. 

Shiba Inu started an uptrend after developers announced the name of the Collectible Card Game, Shiba Eternity. The meme coin started its rally in response to the announcement and continued its uptrend. Analysts have revealed a bullish outlook on the meme coin. 

Also read: SHIB Holder Alert: Shiba Inu drops name of NFT game Shiba Eternity

Shiba Inu prepares for a breakout 

On August 2, developers behind Shiba Inu announced the name of the much-awaited Collectible Card Game, Shiba Eternity. Since the announcement of the upcoming launch of the CC game, Shiba Inu has started an uptrend. 

There are three bullish triggers for Shiba Inu, the meme coin's upcoming Shibarium launch, the name announcement of the CC game and SHIB's correlation with Bitcoin. Based on data from Cryptowat.ch, Shiba Inu has a 0.81 correlation with Bitcoin, implying the Dogecoin-killer's price moves with Bitcoin. 

The Shiba Eternity announcement fueled a bullish sentiment in SHIB holders since the game will soon be launched on the Apple app store and Google play store. Proponents believe the game's launch will fuel the utility of NFTs in the Shiba Inu ecosystem and drive the adoption of Shiba Inu's metaverse. 

Upwards of 80 million Shiba Inu tokens were burnt in the last 48 hours, according to data from the Shibburn portal. Shiba Inu's massive burn has pulled these tokens out of circulation permanently, acting as another driver for the meme coin's rally. 

The meme coin prepares for a breakout as the Bitcoin price is on track for a rally. Bitcoin price offered traders 10% gains over the past week, driving the asset higher. Similarly, proponents expect the Shiba Inu price to climb and offer gains to SHIB holders due to the high correlation between the two. 

Analysts predict 35% rally in Shiba Inu price

Crispus Nyaga, a crypto analyst, predicted a 35% rally in Shiba Inu price. The analyst argues that Shiba Inu is primed for a rally in August 2022 and the meme coin could witness a massive breakout in the following weeks. 

The key resistance levels to watch are $0.000015, 35% above the current price. A drop below support at $0.0000071 will invalidate the bullish outlook on Dogecoin-killer SHIB. 

SHIB-USD price chart

SHIB-USD price chart 

FXStreet analysts share strategy for trading Shiba Inu profitably in the current SHIB price trend. For price targets and complete analysis, check the video below:

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana network is plagued by failed transactions caused by congestion issues on the blockchain. The recent rise in popularity of Solana-based meme coins has resulted in a massive increase in user activity on the SOL blockchain, which has exacerbated the issue. 

More Solana News

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Pups, a BTC-based meme coin, hit a new all-time high of $84.08 early on Friday. The Ordinals Inscription project, which was launched nearly a year ago, sees gains from anticipation surrounding Bitcoin halving.

More Bitcoin News

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

Ripple sees AMM back in action on the XRPLedger mainnet after amendment on Friday. XRP price tests $0.60 support, price ranges below $0.62 on April 12. Ripple CLO shared the Second Circuit Court of Appeals refusal to reconsider their decision, considered a loss for the SEC. 

More Ripple News

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki, author of Rich Dad Poor Dad, is popular for his investment advice and pro-Bitcoin stance on social media platform X. Early on Friday, Kiyosaki shared his thoughts on Bitcoin ETFs and advocated holding the asset directly, instead of a “Wall Street” version. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. While Bitcoin’s long-term outlook remains positive, bouts of volatility could bring prices down ahead of the upcoming halving.

Read full analysis

BTC

ETH

XRP