- 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.
We are proud to reveal the name of the Shib CCG game, Shiba Eternity™!
— Shib (@Shibtoken) August 2, 2022
We are working alongside @PlaysideStudios on a testing schedule and exciting release!
The game will be available in both the Apple App Store and Google Play Store.
Game on #ShibArmy with #ShibaEternity! pic.twitter.com/iJnyMUVZWb
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
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.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?