Shiba Inu (SHIB) Falls Below Resistance Line. Top 100 Ethereum (ETH) Whales Show Faith.

1 min read

Shiba Inu (SHIB) made several important moves last week, most notably dropping the Shiba Eternity collectible card game for Android and iOS users on October 6th, 2022. The hugely anticipated mobile card game has succeeded and even topped Uno as the top mobile card game.

However, the developments surrounding Shiba Inu’s (SHIB) Ecosystem have yet to reflect its market price. On top of that, Shiba Inu (SHIB) dropped below the important resistance line at $0.00001 for a couple of hours on October 11th, 2022. The crucial resistance line broke because the 24-hour RSI pointed toward an ‘oversell’ situation.

It might not be a surprise since the Crypto Fear & Greed Index stands at 24, indicating “Extreme Fear.” To boot, Shiba Inu’s (SHIB) governance token, Bone ShibaSwap (BONE), is getting dumped by investors.

Shiba Inu (SHIB) Faces Competition from Polygon (MATIC)

Despite the bearish trends, Ethereum (ETH) whales still believe in the popular dog-themed meme coin. 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.

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 meme currency 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 several partnerships with well-known brands like Coca-Cola and 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 meme coin 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.

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