Shiba Inu [SHIB] may need more than the Metaverse to wake up from its slumber 

When Shiba Inu SHIB went public with its efforts to delve into the Metaverse, some quarters in the crypto community took it as a joke. “How can a meme toke with no known utility say the Metaverse was part of its objectives?.

Timeline of Shiba-inu

Shiba INU (SHIB) price traded in thin air throughout the summer, while the gains incurred during the recent upswing also remain void at the moment. Despite following a consolidated ascending trend, the asset fails to display a strong projection for the month.

Shiba Inu, one of the most valuable digital currencies in the world, now has more than 1.214 million unique addresses on its network. According to Coinmarketcap, the figure jumped by more than 14,000 within the last four weeks.

Shiba Inu had been showing a bearish trend over the previous few weeks, but it just reversed the trend and attempted to show a positive one this month. The coin is clearly displaying a fresh trend and a brief uptrend.

Shiba Inu price analysis reveals an overall bearish pattern today as its price touched a day's high of $0.00001249 but has since retraced lower to $0.00001212. This meme coin has been bearish for a week as its price dropped from $0.00001404.

The Shiba Inu community is pumped up to complete the major revamp of the network. Accordingly, the Shiba Inu development team disclosed a major milestone regarding SHIB: The Metaverse, alongside the introduction of HUB.

Shiba Inu (SHIB/USD) has become one of the largest meme-coins out there in terms of both market capitalization as well as project development. What is dubbed the Dogecoin (DOGE/USD) killer has undergone numerous developments, where the teams are expanding in the Metaverse push, alongside an increase in its burn rate.

Shiba INU's price witnessed a bullish breakout after a prolonged consolidation of more than three months. While it was speculated that the asset may regain levels above $0.00002, the bears sealed the upper cap at $0.000017.

Shiba Inu has so far delivered a bearish performance since June, undoing its only significant bullish attempt this month. The dog-themed cryptocurrency is now showing signs of some potential short-term upside before the month ends and perhaps, in the first week of September.

The crypto market volatility has paused most of the cryptocurrencies bull run be it Bitcoin, altcoins like Ethereum, NFTs, or even meme coins like Dogecoin or Shiba Inu. Shiba Inu (SHIB) has slipped down towards 12th position after the currency failed to pick up the bull run.

On August 14th, the SHIB/USDT pair witnessed a sudden inflow, which bolstered the buyers to surpass the $0.0000125 monthly resistance. Moreover, the massive green candle drove the prices to a three-month high of $0.00001774, followed by an immediate correction to stabilize the excess buyers.