The year 2022 has been a roller coaster ride for the crypto market, but it has created better opportunities for the Shiba Inu coin. Although the price of the SHIB coin has wavered due to the current market turmoil, the growth behind the project doesn’t seem to be affected.
Massive token burns, large-scale whale hoarding activity, and the rampant development of the SHIB metaverse have increased the likelihood of a potential recovery in the price of the Shiba Inu coin.
SHIB token burn
In a desperate attempt to curb the massive supply of one of the crypto industry’s viral crypto-currencies, SHIB’s token burning mechanism has come under considerable scrutiny this year. The community “Shibburn” has been the main culprit in these burnings and every day millions of tokens are removed from the circulating supply.
According to the Shiba Burn Tracker, nearly 83 billion Shiba Inu tokens were burned during the year 2022.
In the past hour, there have been a total of 3,850,000 $SHIB tokens burned and 2 transactions. #shibarmy
– Shibburn (@shibburn) December 21, 2022
Massive whale activity
Very recently, the number of Shiba Inu holders making a long-term commitment to the crypto-currency has crossed a significant historical threshold.
According to crypto-currency analytics firm IntoTheBlock, long-term holders are a cohort that includes all Shiba Inu investors who have held their SHIB tokens for at least more than a year. The data shows that Shiba Inu has made exceptional progress in this area since the beginning of the year, with the proportion of holders rising from just 1% to a staggering 55%.
The token has also re-emerged on Ethereum’s list of top 10 whale-owned assets, according to digital wallet tracker WhaleStats.
A growing SHIB metaverse
The SHIB metaverse, which launched earlier this year, is no longer just a virtual landscape. In addition to allowing SHIB holders to buy and sell plots of land, users can also start earning rewards by playing games on the metaverse.
In a soon-to-be-released Play-to-Earn (P2E) racing game, the project also comes with its own collection of 9,990 unique NFTs built on ERC-721.
In addition, the new company also intends to organize Grand Prix competitions where participants from all over the world can participate and compete for crypto-currency rewards.
Is the price of Shiba Inu (SHIB) ready to recover?
Given the factors shared above, many crypto-currency experts believe that SHIB’s price is ready for a rally, supported by the strong fundamentals surrounding the meme project.
In addition, the Shibarium Tier 2 blockchain solution, which is currently in beta, has received considerable interest from the community. With the public launch scheduled for next year, analysts predict that the hype surrounding Shiba Inu could propel SHIB’s price to new heights.