September 27, 2022

In the early hours of August 2, developers behind the popular cryptocurrency meme Shiba Inu [SHIB] was revealed the name of the highly anticipated CCG game.

According to the announcement, the game will be called ‘Shiba Eternity’ and will be available to players on the Apple app store and Google play store. But with continued investor apathy, it’s unclear whether this new play can help revive interest in patients SHIB indication.

Currently trading at the October 2021 level, SHIB, the project’s native token, has been in a price decline for over nine months.

Declining interest in the native breed has deepened despite the abundance of work in the Shiba Inu ecosystem. For example, since its release Shib MetaverseSHIB has lost over 90% of its value.

With the price steadily falling since the beginning of the year, how has the token fare fared in the first half of the year?

Fall for 6 months

Shiba Inu started the year with an index price of $0.000033. In the first 180 days of the year, the price of the meme token dropped by 69%. By June 30, one SHIB token exchanged hands at $0.00001.

In the 1st half (first half of the calendar year) of 2022, as the price plummeted, trading activity for SHIB also declined. After a high trading volume of 4.79 billion on February 7, trading activity for the token has decreased significantly.

SHIB closed the first half with an 85% drop in trading volume from its February 7 high.

Also, in 6 months, SHIB’s market capitalization decreased from $18 billion to $5 billion.

Source: Santiment

On March 30, the developers behind Shiba Inu released the Shib: The Metaverse, the virtual reality project. Unfortunately, with the launch of the metaverse and the sale of virtual plots not sparking investor interest, the meme token is down 55% since March 30th.

Further, after the bloodbath that saw crypto asset prices hit new lows in April and June, July offered a fresh start as many cryptocurrencies recorded price gains over the 31-day period. Within this period, SHIB saw some relief. Its price increased by 20%.

Performance in the chain

Interestingly, through the bloodbath of the cryptocurrency market, SHIB wallet holders remained resilient and continue to be. The supply of SHIB tokens on exchanges has been on a downward trend since April 11th.

This shows that more investors are holding on to their brands despite the continued decline in price.

Source: Santiment

After recording a daily high of 39,209 unique addresses on March 16th, daily active addresses trading SHIB tokens fell significantly.

Closing the first half with 3,867 addresses on June 30, the count was down 90% from mid-March. In addition, SHIB recorded a 64% decrease in the number of new addresses created on the network in the first half of the year.

Source: Santiment

On July 20, Shiba Inu was announced its collaboration with The Third Floor (TTF) to design and build the highly anticipated project The Metaverse Project. Coupled with the release of the game, SHIB may have some respite before the year is out.

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