VBIT Hong Kong
Shiba Inu fell 4% to $0.00001445 on the day, while the wider crypto market lost 3% over 24 hours. SHIB was nevertheless up 4.5% over a week and 6% over two weeks, but down 14% over 30 days.
Although the previous day's International Dog Day did not bring significant market attention to Shiba Inu, SHIB was still up 80% over a year.
International Dog Day raises awareness of dog-related issues worldwide. It might be expected to increase interest in dog-themed meme tokens, but the report observed no positive effect on Shiba Inu's price.
Technically, Shiba Inu was in a downtrend. Its RSI fell to 30, entering oversold territory. The 30-period moving average was approaching the 200-period average; a break below the longer-term average could mark a change in SHIB's price movement.
SHIB's 24-hour volume had risen over the week from about $100 million on 18 August to $300 million on the reporting day. The report nevertheless viewed volume as low, indicating limited interest from large holders, or whales.
Recent developments included the launch of the Shibarium layer-2 network and development of a layer-3 platform. A card-game version of Shiba Eternity, described as a SHIB-burning game on Shibarium, was also seen as positive for the ecosystem.
