Shiba Inu (SHIB) had a stellar year in 2021, making many people a lot of good money. The big question is whether 2022 will offer more of the same or if things will enter a lull. Several metrics and development show the momentum hasn’t stalled, even if the SHIB price isn’t moving up spectacularly yet.
The year 2021 was the year when everyone started paying attention to Shiba Inu. Thanks to a 433,000%+ SHIB price increase, everyone started taking notice of the “Dogecoin killer” and what the ecosystem entailed. Moreover, the DeFi approach for the broader Shiba Inu ecosystem was rather intriguing, incentivizing users to use their assets for monetary gain.
Today, the ShibaSwap exchange is still going strong and even gained support for non-fungible tokens. The ecosystem still grows strongly – including a partnership with an Italian restaurant – and users will reap the benefits of this ongoing growth. However, it remains unclear whether this will impact the SHIB price in any way. Shiba Inu still has a massive circulating supply, and that doesn’t even represent 60% of the total supply.
One vital sign of growth for Shiba Inu comes through the SHIBArmy. More specifically, the Reddit community surrounding Shiba Inu has grown to over 466,000 members. It is an impressive growth rate, confirming interest in SHIB is still picking up. That may lead to an increase in the SHIB price and the other assets in this ecosystem.
Compared to some other Reddit communities, the SHIBArmy is quite large. However, that doesn’t necessarily represent the number of SHIB token holders. Many people join and leave Reddit communities to see what is going on and where things may be headed in the future. The number of concurrent active users is rather small in comparison, though.
It is interesting to see how well Shiba Inu has held up in Google Trends searches. More specifically, the interest wanes and rises like any other crypto assets, but it appears things are heading in the right direction again. A growing interest in these currencies can be a sign of an upcoming market recovery, although it is too early to conclude.
The SHIB price performance will primarily depend on how other markets perform over the coming months. Shiba Inu tends to surge when other currencies do too, even though it can note a substantial surge when Elon Musk decides to tweet about it for whatever reason. The year 2022 will undoubtedly yield some exciting momentum on that front.
The Shiba Inu community is split into two camps regarding the burning of SHIB every month. Last month, over 415 million SHIB was taken out of circulation forever. More specifically, this burn represents the SHIB burn game and has nothing to do with the developers burning tokens or the Spotify playlist people can listen to to help burn SHIB.
Moreover, these games have burned over 773 million SHIB to date, which is impressive. It will not make an immediate SHIB price impact, but lowering the numbers is always beneficial in the long term. More importantly, community effort on this scale can contribute to the longevity of the project.
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