A large number of long-term Shiba Inu holders still held on to the token, although only 18% made a profit
Increased investor involvement in SHIB could play a critical role in how the company performs in the next bull market
If you were an avid follower of the market in 2021, you would absolutely agree that the incredible rise of Shiba Inu [SHIB] was one of the most unforgettable highlights.
The memecoin, which received little attention for the time, made an impressive sprint that almost resulted in a 5,000,000% increase in value. However, the antics similarly displayed in 2022 barely came close to the year previously discussed. In fact, it was completely the opposite.
Read Shiba Inus [SHIB] Price prediction 2023-2024
Regardless of SHIB’s condition, its holders have remained faithful to it. According to IntoTheBlock54% of holders still owned cryptocurrency in the past year.
This fraction was surprisingly spectacular, with only a few top cryptos like Bitcoin [BTC] and Ethereum [ETH] beat it. In addition, only 18% of the total number of holders still made a profit.
So, what prompted long-term holders to stay at such a top?
Accept the token, ignite the metaverse
One aspect Shiba Inu excels at is the use case for payments. For some time now, several companies have used the meme currency as a means of clearing and remittance. It wasn’t until October that Google Cloud opened its doors to the meme for the same reason. In turn, yYou would expect to see an increase in Shiba Inu users.
In other circles, ETH whales have kept SHIB at the top of their holdings. Even though these whales had out of stock some holdings still had a huge amount. At the time of writing, WhaleStats reported that these investors’ SHIB holdings totaled up to $68 million.
🐳 The top 5000 #ETH whale hodling
Whale leaderboard 👇https://t.co/kOhHps8XBB pic.twitter.com/coHedRMdEj
— WhaleStats (crypto whale tracking) (@WhaleStats) November 28, 2022
This activity implied that Ethereum whales appeared to be bullish on the cryptocurrency in the long run. In addition to this interest, Shiba Inu expanded his wings by “creating land” in the metaverse.
At the moment of writing, Shib The Metaverse had created more than three separate drafts for the project. This same involvement in virtual reality it deserved an invite to the World Economic Forum (WEF).
Despite a meager 0.97 correlation to BTC, SHIB used its token burn as a strategy to keep the ecosystem alive. This action plan enabled holders of the token to exclude some tokens from circulation while earning passive income.
At press time, Shibburn showed that the burn rate had increased by 4497% in the last 24 hours. This implied that the SHIB community held fire activity in high esteem.
When the bulls return, SHIB will…
While the burn rate was an attempt to reduce supply and increase its value, the latter had rarely happened, as SHIB changed hands at $0.000009, according to Santiment.
This value represented a decrease of 1.36% in the past 24 hours. However, volume increased 83.96% to $236.51 million. This rise implied that many transactions had been made through the Shiba Inu network within the said period, regardless of the profit or loss made.
On the other hand, SHIBs network growth had dropped to 1999 at the time of writing. As of November 13, the network growth was as high as 9409. This current condition led to fewer new addresses joining the Shiba Inu ship. With all this happening, SHIB may not remain deeply affected by the bear market.
However, excluding the token from active participation in the next bull season could be a costly mistake given the increased involvement in the ecosystem. Still, there was no guarantee of a repeat in 2021.
This post Shiba Inu: 5,000,000% increase in value and repeat guarantee in 2021 are…
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