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Meme coin Shiba Inu has held up better than expected, but the digital asset is still down considerably from its all-time high. However, this has not stopped the development that has been going on behind the scenes, and now SHIB developers have begun to share the products that they have been working on. These, and others, have shown a promising future for the digital asset, but some show some possible upside for SHIB this week. A Game, A Whale, And A Burn The past week has been an interesting one for Shiba Inu. First, lead Shiba Inu developers announced that the SHIB Eternity game was complete and is now being tested by users. The game has been made available to community members in Vietnam and Australia, some of whom have taken to Twitter to share their experiences with the game. So far, the reviews have been good, and SHIB Eternity is set to be available for general download on Thursday. Another important development for the meme coin is a large purchase from one of the biggest Ethereum whales. This whale which is ranked as the 98th largest ETH whale, had purchased 300 billion SHIB. The total came out to $3,417,000 at the time of the purchase. But even more important was what the whale did with the tokens once purchased. This whale had moved the SHIB in two different transactions to anonymous wallets, presumably for holding. SHIB down more than 80% from all-time high | Source: SHIBUSD on TradingView.com Third on this list is the SHIB burn that has been going on for a while. With each passing day, the burn has been accelerated, which has done well to boost the morale of community members. In the span of 7 days, more than 560 million SHIB had been burned across 54 transactions, with a total of 257.49 million SHIB burned in a single transaction, a new record. Can This Boost Shiba Inu Price? These events are important to meme coins like Shiba Inu, which had been heavily criticized for its lack of utility and large supply. SHIB has now transcended just being used as a payment token as its only utility to having a working game that players can enjoy. The launch is an anticipated one that will likely boost the price of the digital asset once announced. Large purchases from whales have also been known to move the price of the digital asset. For example, following the $3.4 million purchase by the 98th largest ETH whale, Shiba Inu’s trading volume had jumped more than 50% and saw a price gain of about 1.2% in the same 24-hour period. It may not be a large jump by established margins, but it works to help prop up the price of the cryptocurrency at a time when digital assets are suffering dips. The SHIB burn is perhaps one of the most important things for the digital asset. By reducing the supply of any asset, the higher the chance that the value goes up. However, it is important to keep in mind that the trading volume of SHIB is on the decline, which could lead to a muted performance over the next week. Featured image from Finbold, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
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Uniswap (UNI) started with a bearish stride in 2022 along with Ripple and most other cryptocurrencies but it has been gaining some impressive price action as seen in the past few weeks. UNI’s social engagement up by 53.62% Supply of unique wallet addresses surged since September 12 UNI price looking bullish; up by 4.15% According to CoinMarketCap, UNI’s price has been looking bullish and spiked by 4.15% or trading at $6.77 as of this writing. UNI Shows Impressive Social Dominance More so, UNI has been outperforming other cryptocurrencies when it comes to its social metrics. UNI’s social engagements have spiked by 53.62% while social mention has grown by 62.15%. In the past couple of weeks, Uniswap is seen to gain social media dominance plus also improved in terms of development activities. In addition, Uniswap’s weighted sentiment is positive as shown from September 28 to September 30. On the other hand, the weighted sentiment dropped immensely as witnessed on October 1. As a consolation, the development activity of UNI has grown rapidly since last week or September 29 and has been fairly consistent ever since. The impressive uptick in terms of development activity is said to be triggered mainly by the network’s Swap widget update. Chart: Santiment These continuous advancements and upgrades are said to be hinting at a bull run and attract more investors. On the other hand, despite the recent UNI updates, it has not helped its TVL as it has been stuck on the same level since September. The thing is, even if the whales were dubious of Uniswap’s DeFi protocols, users are gaining more interest in UNI. Meanwhile, the top wallet addresses were also seen to surge in terms of supply since September 12, especially since whale interest is very important for the token’s progress. Uniswap Velocity Down In Last 7 Days On the downside, UNI’s velocity is seen to drop in the past couple of days implying a reduced number of wallet addresses. UNI price has dipped in the past two weeks as precipitated by the market turmoil triggered by the inflation happening around the world but it is seen to currently recover a bit. Meanwhile, it is said to get even worse as predicted by many crypto analysts after the coin has dropped by as much as 72.56% over the past year. UNI’s moving averages witnessed a bearish movement specifically at its 100-day EMA and SMA saw at $5.62 and $5.66; respectively. Its RSI is currently at 43.66 which signifies a spike in sell action and shows that investors may potentially lose more in the coming days. With that being said, the sentiment of analysts on Uniswap is generally negative, especially with its lack of significant utility value. UNI total market cap at $5.17 billion on the daily chart | Source: TradingView.com Featured image from Cryptopolitan, Chart: TradingView.com
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The Ethereum netflow chart shows that the spike in exchange flows has often come at a time when the price of ETH was trading at a short-term/long-term low.
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