Is Shiba Inu Coin (SHIB) Finally Ready For The Big 2023 Rally? – Crypto News – Crypto News
Connect with us
Shiba Inu Coin (SHIB) Shiba Inu Coin (SHIB)

Business

Is Shiba Inu Coin (SHIB) Finally Ready For The Big 2023 Rally? – Crypto News

Published

3 years ago

on

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 cryptocurrencySHIB’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 supplies,

ads

according to the Shiba Burn Trackeralmost 83 Billion Shiba Inu tokens have been burned throughout the year of 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, the Shiba Inu has made exceptional progress in this area since the beginning of the year; with the proportion of holders increasing from just 1% to a staggering 55%.

Read More: Big Surprises In Shiba Inu Fireside Chat?: What News To Expect

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 NFTsbuilt 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.

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending