There are warnings among analysts that it may show a 10x rise in the comments for this altcoin.
Important developments for this altcoin
The Shiba Inu (SHIB) suffered a similar fate to other cryptocurrencies in 2022 and suffered a harsh setback during the crypto winter of that year. Despite this, the meme currency managed to stay on the agenda with some developments. However, it has struggled to gain upward momentum. In April 2022, Shiba Inu announced the Shiba Inu Metaverse, where Shiba Lands is open for public purchase. The aim of the project was to use the entire Shiba network, including SHIB, LEASH and BONE tokens. In February, Shiba Inu launched DOGGY DAO on ShibaSwap to decentralize the network.
Additionally, the network was aiming to launch Shibarium, a Layer-2 blockchain to increase transaction speed and allow more transactions to occur simultaneously. However, the launch was delayed to 2023. Despite significant whaling activity, the price of SHIB was not affected. cryptocoin.comAs we mentioned earlier, WhaleStats data shows that the Shiba Inu token is the most purchased token by Ethereum whales.
Development can be good for SHIB
2022 hasn’t been kind to the Shiba Inu (SHIB), as its price dropped earlier in the year thanks to the crypto winter. Despite this, the Shiba Inu team continued to develop the ecosystem that could be the saving grace of cryptocurrency in 2023. The Shiba Inu metaverse was one of the first major developments for SHIB in 2022. This was followed by the launch of DOGGY DAO in February of last year. These developments have created excitement in the crypto community, and this is probably why SHIB remains popular throughout 2022 despite the drop in price. However, there was some downside as the market realized that the price of SHIB was mostly at the mercy of the whales. The MVRV of the meme currency also hit its lowest point in 2022 in May.
Throughout 2022, the profit of SHIB’s daily on-chain transactions tripled in February, June and October. The number of daily addresses followed a similar trend and increased within the same month. While 2022 will be a tough year for SHIB, 2023 may be a little kinder for the meme coin. One of the first things to count in favor of SHIB in the new year is the launch of Shibarium. This could lead to SHIB being at the top of various lists as it will bring a few new features to the network. The stable burn rate and deflationary nature of the SHIB can also count in its favor. In addition to SHIB’s potential in 2023, there is also the possible launch of a new token in the ecosystem, which is said to be called TREAT. It is thought that these developments will accelerate the price of SHIB in the coming days.