- SHIB’s MVRV Ratio hit the lowest on 2022 in May
- Social Volume and remained high, reflecting its popularity
Shiba Inu [SHIB] failed to begin 2022 on a happy note as its price dropped drastically, thanks to the crypto winter of 2022. Memecoins are often looked at as cryptocurrencies that don’t have a vision or plan for the future.
However, the same cannot be said about Shiba Inu [SHIB]. Despite the massive price decline of 2022, Shiba Inu managed to do its bit on the development front. These updates can be taken as proof that developers have a bigger goal for Shiba Inu in the long term.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
A year full of announcements
The year 2022 commenced with a major announcement regarding the Shiba Inu Metaverse. SHIB developers launched Shiba Lands, which are “lands” found inside the Metaverse. These lands became available for public purchase or auction in April 2022.
The PUBLIC SALE of LANDS for SHIB: The Metaverse continues at https://t.co/y4Nj69ITP7!
Official project on OpenSea: https://t.co/p6ZzQgOGLO pic.twitter.com/I0xx8cnGdt
— Shib (@Shibtoken) April 24, 2022
The Shiba Inu Metaverse project was launched with the aim to utilize the whole Shiba Ecosystem. This included all tokens, including SHIB, LEASH, and BONE.
The official introduction mentioned,
“Shib: The Metaverse is the culmination of our history as a community, virtually displayed in a layer of beautiful visuals that showcase our innovation and unity with a place to truly call home.”
Additionally, in February, Shiba Inu launched its DOGGY DAO. Launching DOGGY DAO on ShibaSwap was a step towards achieving the goal of decentralization and activities that assert authority over particular areas. Furthermore, SHIB also took into account community voting rights.
#ShibArmy, we are happy to announce DOGGY DAO will be officially launched in the upcoming hours with our first phase DAO 1! #DoggyDao brings community voting rights, while also accomplishing a closer path to our mission for decentralization.
— Shib (@Shibtoken) February 18, 2022
Apart from the Shiba Inu Metaverse, another important update in theShiba Inu ecosystem was the launch of the much-awaited Shibarium. Shibarium is a Layer-2 blockchain that is being developed to be launched on the Shiba Inu Ecosystem.
With the launch of Shibarium, the ecosystem aims at improving transaction speed by allowing more transactions to take place simultaneously. Another major advantage is that Shibarium would reduce the overall transaction fees on the network.
However, the launch that was expected in the last half of 2022, witnessed a delay and is now expected to see the light of day in 2023.
— Shytoshi Kusama (@ShytoshiKusama) December 29, 2022
How many SHIBs can you get for 1?
2022 from the metric POV
Shiba Inu managed to remain pretty popular among the whales in 2022. Though this indicated high confidence in SHIB, it was also a drawback. This was because whale accumulation indicated that SHIB’s price was at the mercy of the whales’.
Peep the top 100 whales here: https://t.co/kOhHps8XBB
— WhaleStats (tracking crypto whales) (@WhaleStats) January 1, 2023
Additionally, Santiment’s data cleared the air around SHIB’s overall performance in 2022 on the metric front. SHIB’s Market Value to Realized Value (MVRV) Ratio hit the lowest 2022 in mid-May.
This was then followed by a price plummet. It was, thus, no shock that SHIB’s social volume remained relatively high the entire year, as it is one of the most popular meme coins.
SHIB’s daily on-chain transactions in profit spiked three times last year. This was during the months of February, June, and October. However, there were no sudden movements on the chart during the rest of 2022.
The number of daily active addresses also followed a similar trend and spiked during the same months.
Why 2023 could be a game changer for SHIB
While 2022 was not as promising for SHIB as investors might have expected, 2023 could change SHIB’s fate for good. With the launch of Shibarium expected in 2023, Shiba Inu could stand at top various charts as it will bring several new capabilities to the network.
Furthermore, the Shiba Inu ecosystem also plans on offering a better experience to the users. SHIB’s burn rate also remained pretty high over the last year.
The same was reflected when considering the token’s deflationary characteristics, increasing the possibility of a price surge in the long run because of less supply.
Furthermore, the Shiba Inu ecosystem also hinted at the launch of a new token on its ecosystem. The new token is expected to be named “TREAT” and will be another positive step towards its metaverse.
SHIB’s network growth and velocity also went up over the last few months. This could provide SHIB with a much-required push that the memecoin needs to initiate a bull rally in 2023.