The global crypto market cap has lost the $966 mark and has plunged by 0.67% over the last 24hrs. This downtrend is led by Bitcoin, which has also lost its crucial $20,000 zone and is presently trading around the $19,000 level. The altcoins have followed suit.
Shiba Inu, the meme currency, has been trading downward since Sept. 25 after the bulls failed to push the price above the $0.000012 resistance.
At the time of writing, Shiba Inu is selling at $0.0000111, with a fall of 2.64% over the last 24hrs.
Shiba Inu Continues Downward Movement
It has also been a while since the Shiba Inu developers have been working to generate real-world utility per the network’s road map. On October 6, the network launched the Shiba Eternity game, representing a new direction for real-world utility.
The SHIB token is expected to be introduced into the game, which will support Shiba Inu’s supply burn.
With the game launch, people anticipated that Shiba Inu’s price would surge; instead, the currency dropped further.
Interestingly, however, as per WhaleStats, a whale wallet added nearly $19.39 million worth of Shiba Inu tokens after the Shiba Eternity game was launched. The 1.7 trillion SHIB tokens were added in a single transaction, and as per the reports, the whale activity was from the Huobi Crypto exchange.
Meanwhile, another reason for Shiba Inu’s price drop is the Binance Bridge hack incident which forced the BSC (Binance Smart Chain) network to suspend operations for a long time. It was initially understood that nearly $100 million to $110 million was taken out from the chain, but later it was revealed that around $7 million was frozen beforehand.