- The 2022 market turmoil has dragged down SHIB’s price through the course of this year.
- Increased whale activity, large token burns and the SHIB metaverse are some of the project’s highlights.
- SHIB’s price has risen 0.27% over the last 24 hours.
The year 2022 has been a rollercoaster for the entire crypto market. The popular meme coin, Shiba Inu (SHIB), has been able to garner some opportunities despite the market turbulence this year.
The turmoil in the markets that has dragged SHIB’s price down this year has not hindered the growth of the project. Just some of the highlights for the project are massive token burns, large-scale accumulation activity by whales, as well as the rampant development in the SHIB Metaverse. All of these events have increased the likelihood of a potential price rally.
In a dire attempt to reduce the massive supply plaguing the viral meme coin, SHIB’s token burn mechanism has been ramped up in 2022. The Shibburn community has been the main driving force behind this initiative and several million SHIB is burnt every day – shipping away at the total supply of SHIB.
Furthermore, whales have been very active in this bear cycle. According to IntoTheBlock, long-term holders make up a cohort that also includes SHIB investors who have been holding onto their SHIB tokens for at least a year.
Lastly, the SHIB metaverse, which was launched earlier this year, has evolved beyond just a simple virtual landscape. Apart from giving SHIB holders the ability to buy and sell land, users can also start earning rewards by playing games in the SHIB-based virtual realm.
Currently, CoinMarketCap shows that the price of SHIB stands at $0.000008296 at press time. This follows after a 0.27% increase over the last 24 hours. The meme token’s price is however, still down 6.85% over the last 7 days.
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