AUS
NZ
UK
CA
USA
IND
Highlights
- Shiba Inu has been on the decline for the past few months after hitting an all-time high in October last year.
- February has seen SHIB surge, with the meme coin rising 57% between February 6 and February 8.
- One of SHIB’s biggest developments this year has been its continued pledge to burn a proportion of tokens.
The crypto space is full of surprises. It’s difficult to predict where Bitcoin will be next week, let alone thousands of other digital currencies.
Who could’ve guessed five years ago that a token, designed to make a joke of cryptocurrencies, would turn out to be one of the largest in terms of market cap? The coin being referred to here is Dogecoin. Similarly, who could’ve guessed that a spinoff of Dogecoin would be equally as big and prominent? Yes, we are talking about Shiba Inu – the 14th biggest crypto in the world.
No doubt, for Shiba Inu, 2021 was an eventful year. But what next? What does 2022 hold for the dog-themed crypto?
Image Source: © Igorigorevich | Megapixl.com
A short history of Shiba Inu’s price performance?
Like the larger crypto market, Shiba Inu has been on the decline for the past few months after hitting an all-time high In October of last year. In October, SHIB’s market cap was US$41 billion – a far cry from its current market cap value of US$16.9 billion. SHIB’s current price is US$0.00002914, a steep fall from its price on October 29, which was US$0.0008. But many analysts believe that SHIB’s burning campaign will have a positive effect on its price.
February has seen SHIB surge, with the meme coin rising 57% between February 6 and February 8.
SHIB’s token burn campaign
One of SHIB’s biggest developments this year has been its continued pledge to burn a proportion of tokens. The purpose of this is to help it survive long-term by creating a scarcity in its supply. The other thing burning achieves, ultimately, is driving its value higher. It’s a practice which has also been adopted by Ethereum (ETH) and Binance Smart Coin (BNB).
In its effort to burn coins, nine companies associated with SHIB have also pledged to burn a percentage of profits into the official SHIB burn wallet.
One such company is Bigger Entertainment, which is the first ever crypto record label and one of the first large-scale SHIB burns in the community. The company, run by Chief Executive Steven Cooper, has achieved this through initiatives like burn parties as well as its SHIB burner playlist – where it destroys 20% of royalties earned through the songs.
Then there’s Shiba Inu Games, which has play-to-burn games, where the ad revenue it earns helps to send SHIB to a dead wallet.
Shiba Inu Metaverse
Developers of Shiba Inu have also announced the creation of a Shiba Inu metaverse, which they’ve dubbed: The Shibverse.
Last month, the developers revealed a glimpse of what the Shibverse would look like when they posted a picture of a graphic Shiba Inu dog in a digitally rendered forest.
Supporters of SHIB have responded positively to the news, with many hoping that it will change the token’s fortunes in the near future.
What is in store for Shiba Inu investors in 2022?
Bottom Line
Despite its recent decline over the past few months, there are strong signs which point towards the dog-themed token having a good year.
Obviously, a big influencer of SHIB’s will be how Bitcoin performs, as Bitcoin’s performance largely dictates the larger market.
In essence, the year 2022 is likely to see SHIB capitalise on its coin burning campaign as well as its foray into the metaverse.
