The second largest meme cryptocurrency Shiba Inu (SHIB), after displaying a strong price performance for most of the past year, has slipped down in the crypto market rankings. While 2022 is still a slow year for the meme cryptocurrency compared to the previous year, several indicators suggest that SHIB will gain traction and survive for another year.
SHIB’s bullish indicators for 2022
SHIB is down less than 1% in the last 24 hours to trade at $0.00022 at the time of writing. The ‘Dogecoin killer’, which experienced incredible rises last year, cannot maintain the same magic and continues to lose 32.3 percent since the beginning of the year. Besides, SHIB is trading 74.2 percent below its all-time high price of $0.000877 reached in October.
It is stated that the most important factor among the factors that keep investor sensitivity high is the gigantic metaverse plans of the ecosystem. As always, the SHIB Army welcomes many developments in the SHIB virtual world. For example, last month there was a private sale of land on the Shibaverse using LEASH tokens, and soon the team is expected to hold a public sale as well.
Proud of the course of events, SHIB developers also made the following statement on the subject in an update they shared at the time:
“…Our Metaverse serves as a source of support in our sustainable ecosystem as we add more benefits, projects and services to our beloved ShibArmy, the best crypto community in the space.”
Also in a recent post, the developers of the meme cryptocurrency urged community members to keep their LEASH tokens handy so they can have more exclusive benefits in the Shiba Inu ecosystem.
Part of the SHIBA ecosystem, the $LEASH token provides exclusive access to new product launches by the SHIBA Team!
From #shiboshis to Lands, #LEASH Holders are the first in line to access our new and exciting projects.
(video credits: @vincenzomaiett) pic.twitter.com/MRVpgd9Tgc
— Shib (@Shibtoken) March 7, 2022
Another bullish factor for the popular cryptocurrency is its increasing whale accumulation. The trend of collecting whales, which started last year, continues at full speed, and as KoinFinans is currently following, giant whales continue to add SHIB to their bags every day.
According to data from WhaleStats, Shiba Inu (SHIB) tops the list as the most purchased altcoin among the top 1000 Ethereum wallets, excluding Ethereum itself.
WhaleStats also reported a 178.87 percent increase in the amount of SHIB held by the top 100 Ether whales despite the price drop.
Similarly, the meme coin’s trading volume and active addresses have also increased by 880 percent and 18.18 percent, respectively, in the last 24 hours, according to IntoTheBlock data. The token has also seen a 115.98 percent increase in token burn rate over the past 24 hours, with 13,287,945 SHIB being burned from its circulating supply.
Where will SHIB go this year?
While SHIB does not appear to be in direct competition with Dogecoin as it once was, price predictions for SHIB are still bullish. Market analysis tool CoinPriceForecast predicts that the price of SHIB will increase by about 157 percent to $0.000077 by the beginning of 2023.
Meanwhile, Market Realist, a financial media outlet, also predicts that the meme cryptocurrency will rise 350 percent by 2026.
Also, in light of the increasing use of the cryptocurrency, there is a possibility that SHIB could return to, and perhaps even surpass, all-time highs in 2022.
In addition, with new users expected to enter the crypto space in the coming years, the fact that leading platforms such as Robinhood have not yet listed SHIB and the market sentiment is slowly shifting to the bullish side, the great partnerships the platform has made and all the non-stop developments in the ecosystem, SHIB has reached its previous peak levels this year. He has every chance he should have to return. However, it should be noted that all of these estimates are speculative.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.