Shiba Inu is one of the market’s most well-known meme coinage. Many are attempting to determine the coin’s future for the months and years ahead as it draws more investors.
Shiba Inu’s value dropped significantly as the general cryptocurrency markets became bearish in 2022. As of November 2022, the popular meme token had lost 74% of its value since the beginning of the year.
At its all-time high, SHIB reached a price of $0.00008845. It is now trading at $0.0000090 per token. SHIB, like many other coins, has been impacted by the repercussions of the FTX meltdown, which has pushed the price down to these levels.
Let’s examine what the predictions for the currency in 2023 show.
Shiba Inu Community Bullish for 2023
The layer 2 Shibarium’s debut and prospective new payment integrations have the Shiba Inu community optimistic for the coming year. From its peak in October 2021, the token has fallen by more than 90%. Will it be able to meet the community’s high expectations in 2023? is the question on everyone’s mind.
Shytoshi Kusama, the lead developer, took to Twitter to inform the community that Shibarium would be released very soon, but not during the New Year’s Eve party. He also affirms that next year will be ‘critical for humanity,’ implying that Shibarium will be released in 2023.
Shibarium is being developed as a layer-2 blockchain to increase the scalability of Ethereum, which serves as Shiba Inu’s host chain. Shibarium is being developed by the Shiba team with unique features for the Shiba ecosystem.
Kusama anticipates that the Shibarium upgrade will be a significant advancement for the Shiba Inu ecosystem and that 2023 will be a pivotal year for Shiba and the entire planet.
Businesses to Accept SHIB Payments?
Shiba Inu’s popularity has led a number of companies to start taking payments in meme coin. Businesses like GameStop and Nordstorm accept payments in SHIB through Flexa, and Twitch fans can use meme coins to support their preferred streamers. Shiba Inu payments are also being promoted by NOWPayments. However, businesses face issues as a result of regulatory ambiguity and a huge concentration of Shiba Inu tokens in whale wallets.
What Does 2023 Look Like For Shiba Inu?
The burning question is whether Shiba Inu can reach $1. The only way this would be possible is if the token burns its way to $1. This would mean burning trillions of tokens which is practically impossible. Shiba Inu will increase by 760% to $0.00008 if it can reach its all-time high. But from there, it’s a long way to $1. For the time being, the bearish cycle in the crypto market continues and it is best to seek more achievable targets.