Major crypto memecoins are on the rise, like Dogecoin, which grew by 10% within the last 24 hours, and Shiba Inu rose by 23% in the last three days. The cryptocurrency market is asking why Shiba Inu is going up and trying to find the reason behind the pump.
We are here to expose the reason.
The Rise of Bitcoin and the Crypto Collective
Bitcoin has struggled to get above $20k since the Terra triggered the crypto winter and made many cryptocurrencies radioactive. However, since July, signs have arrived of the market recovering. Major developments are happening within the ecosystem, and we are seeing many crypto presale projects becoming a success.
And as the community slowly gains the confidence to brave the crypto volatility, Bitcoin is showing signs of recovery. A few days ago, Bitcoin rose above $25k levels. And while it retraced marginally at the time of writing, it seems like it has found support at $24k.
The impact of that pump has pushed the value of memecoins such as Shiba Inu and Dogecoin. However, the rising effect of Shiba Inu has been more pronounced.
Over the last three days, the value of Shiba Inu has risen by 25%. From the price chart, we can see it reaching the blow-off top point beyond $0.000017 momentarily before retracing and bouncing back before finding a respectable sideways-trading range.
So, is there another reason behind the Shiba Inu pump?
Yes, it is, and it is called Shiba eternity.
Shiba Eternity: A Play2Earn Game by Shiba Inu Developers
Here is the footage of the game. Yes, we know that it is not a big game compared to an AA title or even an AA title, but it is there to show that Shiba Inu is at least trying to come out of its meme shell and show some cool use cases. It would have helped much better if the game’s resolution was a bit better – but it is what it is.
— Lucie Sasinkova ツ (@GossipShib) August 11, 2022
Shiba Eternity is a trading card battle game, a common blockchain game where the players collect trading cards and the Doges battle each other in a dojo, or this case, a dogjo.
The gameplay is simple. Players start with three cards, and when the game ends when they can’t draw anymore. And that’s all the information we have at this point, considering the game is nothing more than an announcement as of yet.
For a better look at the game, check out this video.
— william_volk (@william_volk) August 11, 2022
Tamadoge: Another Play2Earn Doge game with much better fundamentals
Tamadoge is a crypto game that focuses on gameplay mechanics from the get-go. Players can buy Tamadoge Pets – NFTs within the Tamaverse and use them to battle and earn points.
While no gameplay footage is yet available, considering the game is still in development, the Tamadoge presale run is going on successfully. The beta presale phase was met well before the deadline, and the project has raised more than $4.5 million ahead of its time.
Would it be able to compete with Shiba Eternity when the game releases in its full glory? It is too soon to tell. That said, for now, we can say that the project is showing great potential – and not just for the early movers.
Tamadoge – Play to Earn Meme Coin
- Earn TAMA in Battles With Doge Pets
- Capped Supply of 2 Bn, Token Burn
- NFT-Based Metaverse Game
- Presale Live Now – tamadoge.io
Image and article originally from insidebitcoins.com. Read the original article here.