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 brought success, as it even topped Uno for the top mobile card game.

However, the developments surrounding Shiba Inu’s (SHIB) Ecosystem is yet to reflect on its market price. On top of that, Shiba Inu (SHIB) has 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.

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.

$BONE is getting dumped - not because #Shibarium wasn’t release! But because many gamblers jumped on board not to invest, but for a quick pump before #Shibarium and then sell anyway.

If you are a true investor, you understand that we don't need gamblers, we need investors!
— ? Lucie Sasínková ? (@GossipSHIB) October 11, 2022

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.

The top 100 #ETH whales are hodling

$133,970,949 $SHIB
$67,912,415 $BIT
$59,539,849 $MKR
$43,719,544 $LOCUS
$39,743,980 $UNI
$38,796,718 $LINK
$38,154,640 $MOC
$36,656,604 $BEST

Whale leaderboard https://t.co/N5qqsCShZR pic.twitter.com/q6DFmwhukG
— WhaleStats (tracking crypto whales) (@WhaleStats) October 10, 2022

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).

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.

Get the essential news of the memecoin Shiba Inu (SHIB) with these articles:

Shiba Inu’s (SHIB) Main Developer Explains Tie Between Shiba Eternity & Shibarium

Shibburn Highlights 3 Ways To Burn Shiba Inu (SHIB) As Burn Rate Soars 1,121%

Text source: DailyCoin.com

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