The crypto bulls are holding quite well against the bears since the beginning of 2023. While the bull run is led by Bitcoin with its continued price rally, the altcoins, especially meme coins are trying their best to follow. One such currency is Shiba Inu which has been one of the most explosive currencies in the space.
Shiba Inu was just another meme coin in 2020 when it was launched. However, by Oct 2021 this meme currency had skyrocketed nearly 121,000,000% as it rose from Jan 1 trading of $0.000000000073 to hit $0.00008841 in Oct 2021. This made Shiba Inu one of greatest coins for securing such a huge single-year gain.
Shiba Inu At $1 By 2023 ?
Now, as we enter 2023, Shiba Inu investors and traders are cautiously wondering if SHIB could hit $1 in 2023. However, there are a few factors which have to fall in place for the meme currency to see such a spike.
Firstly, it’s the soon to be launched Shibarium which is a Layer 2 blockchain that aims to reduce transaction fees. It’s important for Shibarium to perform as expected so that it supports the network’s blockchain-based gaming.
Next is the non-fungible token (NFT) based games which are basically dependent on Shibarium launch. This is because through blockchain-based games people can own their creations along with buying and selling NFTs. The marketplace will be affordable only when transaction fees are reduced and that’s possible with Shibarium.
Third factor is Shiba Inu’s acceptance by notable retailers which will see its usage in the real world. Shiba Inu’s real-world-utility will increase the demand and in turn help in SHIB reaching the $1 target.
Fourth is the increase in coin burn so that the circulating supply is reduced to make the currency scarce. As per CoinMarketCap, currently, Shiba Inu’s outstanding tokens are currently positioned at 590 trillion
Lastly, it’s the huge social media recognition which will push Shiba Inu to rise more than 10,800,000% in 2023. Etherscan claims that there are more than 1.25 million wallets with SHIB coins and these addresses should get their fingers rolling on social media to create the buzz.