Are the changes in the metaverse, large token burns, and whale accumulation preparing Shiba Inu (SHIB) for a 2023 rally?
The cryptocurrency market has experienced the roller-coaster year 2022, but it has improved chances for the Shiba Inu coin (SHIB). Despite the continuous market unrest having a negative impact on the price of the SHIB coin, the project’s growth appears unaffected. The chance of a future price rally for the Shiba Inu crypto has increased as a result of large-scale token burning, whales’ extensive accumulation activities, and the rapid development of the SHIB Metaverse.
SHIB Token Burn Rate
SHIB’s token burn mechanism has been heavily promoted this year in a desperate effort to lower the enormous supply that is wreaking havoc on one of the crypto industry’s most popular meme currencies. These fires have primarily been sponsored by the “Shibburn” community, and every day millions of tokens are being purged from circulation.
Nearly 83 billion Shiba Inu coins have indeed been burned so far in 2022, according to the Shiba Burn Tracker.
Significant Whale Activity
Shiba Inu holders who are long-term supporters of the cryptocurrency have recently surpassed a critical historical benchmark.
All Shiba Inu traders who have been keeping their Shiba Inu token for at least more than a year are included in the cohort of long-term holders, according to cryptocurrency analysis company IntoTheBlock. According to data, the Shiba Inu coin has achieved outstanding development in this sector since the beginning of the year, with the percentage of holders rising from 1% to an incredible 55%.
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According to the digital wallet tracking service WhaleStats, the coin has also resurfaced on the list of the ten biggest assets held by Ethereum whales.
SHIB Metaverse is expanding
The SHIB metaverse, which was introduced earlier this year, has changed from only being an online setting. Users can begin winning prizes by playing video games on the metaverse in addition to enabling SHIB owners to purchase and sell land parcels.
The project also includes its own library of 9,990 unique NFTs, developed on the ERC-721 standard, for a soon-to-be-released Play-to-Earn (P2E) racing game.
The new business also plans to host Grand Prix tournaments where competitors can compete for bitcoin awards from around the world.
When Will The Shiba Inu Crypto (SHIB) Price Rally?
Given the aforementioned elements, many crypto experts think the price of SHIB is about to increase, backed by the solid fundamentals of the meme project.
Shibarium blockchain has also attracted a lot of community attention with its future layer-2 blockchain solution, which is now in its beta phase. Analysts expect that the anticipation around Shiba Inu might possibly drive the SHIB price to greater levels with the official launch scheduled for next year.
In conclusion, it appears that Shiba Inu crypto (SHIB) is positioning itself for a potential rally in 2023. The project has implemented a successful token burn mechanism, seen an increase in long-term holders, and expanded the SHIB Metaverse with new features such as games. Additionally, the anticipation surrounding the project’s upcoming layer-2 blockchain solution may also contribute to an increase in price. While it is difficult to predict the future of the trending cryptocurrency market, the strong fundamentals of SHIB and the positive developments within the project suggest that it may be well-prepared for a rally in the coming year.