The year 2022 has been a roller coaster ride for the crypto market, but it has created better opportunities for the Shiba Inu coin (SHIB). Although the price of the SHIB coin has faltered due to the ongoing market turmoil, the growth behind the project does not seem to be affected. Massive token burns, large-scale accumulation activity by whales and the rampant development in the SHIB Metaverse have increased the likelihood of a potential price rally for the Shiba Inu coin.
SHIB Token Burn
In a dire attempt to reduce the massive supply plaguing one of the crypto industry’s viral meme cryptocurrency, SHIB’s token burn mechanism has been peddled up significantly this year. The “Shibburn” community has been predominantly behind these burns and every day millions of tokens are being removed from the circulating supply.
According to the Shiba Burn Tracker, almost 83 Billion Shiba Inu tokens have been burned throughout the year of 2022.
— Shibburn (@shibburn) December 21, 2022
Massive Whale Activity
Very recently, the number of Shiba Inu holders who are committed to the cryptocurrency for the long term has passed a significant historical threshold.
Read More: Shiba Inu (SHIB) Records Trillions In Whale Accumulation
According to crypto analysis firm IntoTheBlock, long-term holders make up a cohort that includes all Shiba Inu investors who have been holding onto their SHIB tokens for at least more than a year. Data shows, Shiba Inu has made exceptional progress in this area since the start of the year; with the proportion of holders increasing from just 1% to a staggering 55%.
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The token has also re-emerged on the list of the ten largest assets held by Ethereum whales, according to the digital wallet tracker WhaleStats.
Growing SHIB Metaverse
The SHIB metaverse which released earlier this year has evolved from being just a virtual landscape. Apart from enabling 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 launched Play-to-Earn (P2E) racing game, the project also comes with its own collection of 9,990 unique NFTs, built on the ERC-721 standard.
Read More: Shiba Racing NFT Launch; All About SHIB Metaverse P2E Game
Furthermore, the new venture also intends to hold Grand Prix competitions where participants from all over the world can participate and compete for cryptocurrency rewards.
Shiba Inu (SHIB) Price Ready To Rally?
Considering the factors shared above, many crypto experts believe the price of SHIB is due for a rally, supported by the strong fundamentals surrounding the meme project.
Read More: Here’s Why Shiba Inu Coin Sees A 10% Jump in Near Future
Also, with the project’s upcoming layer-2 blockchain solution Shibarium, which is currently in its beta phase, has amassed significant community interest. With the public launch slated to be next year, analysts predict the hype around Shiba Inu can possibly propel the SHIB price to new heights.
Disclaimer: None of this is investment advice. Please do your due diligence before investing in any crypto asset.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.