Shiba Inu vs Cardano: Which Cryptocurrency Will Reach US$1 Before 2023 Ends?

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Last Updated November 1st 2022
5 Min Read

Cardano and Shibu Inu are both efficient networks with a great future in the blockchain industry. Both networks are among the hottest networks within the crypto-verse. However, these altcoins can get quite competitive when it comes to blockchain developments and market reach. 

In the past weeks alone, Shiba Inu has rocked the crypto scene with their metaverse tech and NFT. The network has been partnering with John Richmond, an Haute couture brand, which is an excellent opportunity to cement its place within the NFT scene. In fact, the brand's campaign "Legends Live Forever" is set to launch physical versions of 10,000 NFTs. 

On another note, Cardano (ADA) is still standing quite strong against the volatile market, securing a massive $30+ billion market cap. This crypto movement within the market is due to the network's aggressive tech development. More specifically, Cardano's development team and IOHK are working to create the Vasil hard fork. According to Hoskinson, the co-founder of Cardano, the Vasil hard fork upgrade will induce a massive performance upgrade to the network. 

From a broader perspective, both networks deliver a strong and unique platform within the current crypto community, but there are particular distinctions between the two networks. So, in Shiba Inu vs. Cardano, which is the best crypto to buy before 2023?

Shiba Inu vs. Cardano: Which Cryptocurrency Will Reach US$1 First?

When looking at the blockchain development scenario, both assets display great potential. Hence, the best pick for the best crypto to buy before 2023 will ultimately fall on investors and traders. However, studying and researching the crypto market and community before blindly investing, especially with beginners, is important to help prevent unrecoverable losses. That said, let's have a closer look at Shiba Inu and Cardano. 

Shiba Inu Remains A Top-rated Dog Within The Universe Of Meme Coins

There's no doubt that Shiba Inu is a meme coin. Still, it functions on a completely different level when wagered against most meme currencies, usually known to benefit through attention and publicity of being famous. However, as Shiba Inu has evolved into a network with various uses, it doesn't necessarily require such a spotlight to succeed. 

Due to this, the network has become a modern, formidable and worthwhile cryptocurrency. As it is built on Ethereum's blockchain, Shiba Inu doesn't gather much criticism in terms of transactions as well since it is reliable, safe, and decentralized. Moreover, the network has expanded much since its initial start as a meme token. Shiba Inu has now transformed into a billion-dollar crypto project allowing access to a massive number of currencies. 

By October 2021, Shiba Inu's crypto price increased by over 170% within weeks, but it dropped just as quickly. Therefore, despite the potentiality of the crypto, it's important to understand that crypto, particularly a meme coin like Shiba Inu, is an incredibly volatile investment. Nevertheless, Shiba Inu still stands strong, ranking #15 among top cryptocurrencies with a market cap of over 5 billion dollars. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Final Verdict: Cardano Is The Crypto To Reach US$1 By 2023

Many carry a general misconception that the Cardano coin ADA is all-or-nothing, which is a fundamentally flawed concept. During the early 2021 ball run, ADA rocketed well over $1 when the majority of crypto players went into overdrive. By August, the price had already hit the $3 mark, garnering a 200% rise from our current target of $1.

Cardano managed this without having smart contract capabilities or being the most decentralized blockchain. Furthermore, with the introduction of Alonzo hard fork in Sept 2021, over 90 projects have been launched on the network's blockchain courtesy of the smart contract functionality. 

As of now, there are over 1,000 projects in development on the Cardano blockchain. But, the platform is yet to reach perfection, given the number of strong competitors it faces. One main source for Cardano's FUD is their blockchain platform's low TVL (total value locked) compared to other blockchain competitors like Tron, Ethereum, and the BNB chain. The FUD strongly indicates that Cardano must outperform the TVL of such rivals to increase their chance of success within the market.

Reports from DeFi Llama show that Cardano's current TVL stands at around $270 million, which puts the crypto in the 29th position, while Ethereum takes the top spot with around $54 billion TVL. Additionally, BNB stands at #2 with around $6 billion TVL, followed by Tron in the third position with almost $6 billion TVL.

But as stated by Hoskinson in May, DeFi doesn't take into account Cardano's staking to TVL. This happens as you don't necessarily have to lock your ADA tokens to stake them. But instead, users and investors can utilize one of Cardano's dedicated wallets, such as Daedalus.

When we factor this in, Cardano actually produces an incredibly high percentage of the total supply when staked in this manner, with over 70% of the entire ADA in an unlocked staking pool. This generates around $14 billion TVL today for Cardano, which would place Cardano in the second position, right between competitors Ethereum and BNB.

If we consider Cardano as having the second-highest TVL among the crypto blockchains, then its #8 ranking within the cryptocurrency market cap ranking will become more sensible. Plus, with the Cardano blockchain increasingly being used in various industries like education, charity, subscription management, agriculture, etc., the expansion of the network seems stable and secure.

With that said, Cardano is currently priced at around $0.500, which is halfway through the targeted price point of $1. Hence, the likelihood of Cardano hitting the $1 mark by the subsequent 2023 bill rally is quite high and positive.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

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