Shiba (SHIB) price has fluctuated throughout the summer, while its gains from the recent rise are currently invalidated. The meme token does not show a strong projection for the month, despite a consolidated uptrend. However, emerging on-chain metrics reveal a new starting point for September.
Shiba Inu (SHIB) sees big drop in daily active address
The Shiba Inu records frequent spikes in daily active address. This metric is the mark of traders transferring SHIB to exchanges. This news is pretty bad for the meme token, as the introduction to exchanges signals a desire to sell the Shiba Inu.
Millions of SHIBs moved from inactive address
Recently, a large amount of SHIB has been released into circulation that has been dormant for quite some time. About 1.54 trillion Shiba Inu have been removed after about 6 months of inactivity.
Slight increase in social volume
The Shiba Inu is a popular token when it comes to social sayings and social sentiments. Recently, he has witnessed a marginal increase in apparent social dominance due to his upcoming game Shiba Eternity and the burning of millions of SHIBs.
Considering the metrics above, SHIB price is bearish for the next few weeks. Trading at around $0.00001225, Shiba is likely to drop below $0.00001 according to analyst Sahana Vibhute. However, the analyst expects it to reach the July low of $0.0000098. Additionally, on the better side, the bearish theory will be invalidated if the price rises above $0.000017, signaling another increase in September. However, one should not ignore a metaverse card that will save Shiba from the bears.
Shiba Inu reveals its first concept
cryptocoin.com As you follow, Shiba Inu reveals another concept for the metaverse project. The project’s development arm has shared details of the upcoming SHIB: Metaverse WAGMI (We Will All Do) Shrine concept. According to a blog post published today by Shiba Inu, WAGMI Temple will introduce a zen-like realm with serene meditation, natural beauty, sensation and spiritual connections with the world.
Shiba Inu also shared black and white photos of the upcoming WAGMI Shrine. The idea was to suggest roles that WAGMI Temple would play in Shiba Inu’s metaverse project. They also provided a message to deliver the needed feedback to the community. In particular, the architectural design of WAGMI Temple, Beijing’s Temple of Heaven, New Delhi’s Swaminarayan Akshardham etc. derived from different inspirations, including
Meanwhile, Shiba Inu also announced that the metaverse team will be promoting Fireside Chats throughout the metaverse creative process. The aim is to address all questions, ideas and concerns from SHIBArmy members. The first episode of WAGMI Temple Fireside Chats is scheduled for September 8, 2022.
