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This entire year has been a roller coaster ride for the crypto market, but it has created better opportunities for the Shiba Inu coin (SHIB). The last few months have not been the best time period for Shiba Inu as the token’s value has been rapidly descending in the last five months. A large part of the problem was tied to a decline in burning volume that has been fueling the recovery of SHIB on the market. Luckily, the situation is finally changing. Massive token burns, large-scale accumulation activity by whales, and the rampant development in the SHIB Metaverse have increased the likelihood of a potential Shiba Inu price rally.
Over the past 24 hours, the SHIB burn rate surged as nearly 65 million Shiba Inu tokens were removed from the circulating supply. Around half of this sum of meme crypto was burned by the “Shib Super Store” platform that uses an Amazon affiliate program.
According to prominent burn tracker Shibburn, since the morning of Dec. 19, the joint efforts of the Shib army helped the circulating SHIB supply shrink by a total of 66,065,238 meme coins. That was quite a rise of over 111% from the approximately 30 million SHIB burned a day before. The two largest transfers to dead-end wallets here were those carrying 32,314,923 and 21,537,303 Shiba Inu.
In the past hour, there have been a total of 3,850,000 $SHIB tokens burned and 2 transactions. #shibarmy
— Shibburn (@shibburn) December 21, 2022
Very recently, the number of Shiba Inu holders who are committed to the cryptocurrency for the long term has passed a significant historical threshold.
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%.
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.
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.
ShibaSwap, a successful decentralized exchange that enables users to purchase, sell, and trade assets, including non-fungible tokens, is powered by Shiba Inu (SHIB), a cryptocurrency that powers its operation. The SHIBOSHI NFT project, a collection of 10,000 distinctive NFTs, is also located in the Shiba Inu (SHIB) ecosystem.
Blockchain games with Play-to-Earn (P2E) components and a new metaverse are also part of the Shiba Inu (SHIB) ecosystem. The ecosystem also features a cutting-edge rewards program that enables users to generate passive income through decentralized finance (DeFi).
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.
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