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Shiba Inu (SHIB) witnessed a price jump following the event of Shiba Eternity’s blockchain implementation. On September 17th, 2022, the release took place in Australia that made the SHIB token rally up to 7% in a day. Citing the instance, the upcoming events are expected to follow the similar pattern of boosting the meme token price.
Official worldwide launch of the much awaited Shiba Eternity is likely to take place in the first week of October. Shib Rumours, keen follower of Shiba Inu activities, noted the release date to be October 1st, 2022. However, the official Twitter account of Shiba Inu announced October 6th, 2022 to be the official date for worldwide launch of Shiba Eternity.
Following the recent SHIB token sell-off after the Australia launch, trading price of meme token is consistent towards moving upwards. The sell-off occurred just after the release, which indicates the event pushed the price above relatively high that even investors holding SHIB for quite long were seen to sell their tokens.
However, the sell-off resulted in Shiba Inu token witnessing a drop and suddenly the price ended up dropping up to 8.5%. This did not last long whereas the token was showing up and down movements since then. For instance, recently the token price saw a breakout where it went up by almost 3%.
Currently, Shiba Eternity is undoubtedly a major reason for SHIB price to pump, and several other factors can also act as catalyst though. The factors include the contribution of Ethereum (ETH) whales moving their investments.
WhaleStates reported the meme token has the highest dollar value position. Whale accounts data aggregator stated the top 1000 ETH whale accounts hold overall capital worth approx 147.5 million.
Many positive signals are revolving around Shiba Inu yet there’s room to stay cautious, given the instance of drop on September 18th, regardless of an uptick just a day earlier.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
