Why Shiba Inu Is Going To Explode In 2023

Last Updated December 29th 2022
7 Min Read

Bitcoin and Ethereum have been obvious choices for most investors in the crypto market for quite a bit. But with time, cheaper and promising coins have come into the market for investors to expand their portfolios. One such coin that has gained massive attraction lately is the meme coin Shiba Inu.

The meme cryptocurrency had a massive jump over the last few months of last year. It has emerged as one of the top traded tokens lately. But what drives SHIB token to skyrocket this year? Although the currency experienced a minor pullback, experts and crypto enthusiasts predict that the coin will soar to new highs this year again. Let us see why the Shiba Inu coin is going to explode in 2023.

Is SHIB All Set To Explode In 2023?

Shiba Inu has been on a continuous rally since the beginning of 2021. Last October, the token even surpassed Dogecoin, positioning itself as one of the most valuable meme cryptocurrencies in the crypto market today. The primary catalyst for the last rise of SHIB was the unconfirmed speculation that Robinhood might be preparing to list it. So what drives Shiba Inu to increase in 2023?

1. SHIB’s Tremendous Rally

Although it started as a joke, Shiba Inu rose to become one of the top potential cryptocurrencies in the market. SHIB is an Ethereum-based token that supports numerous DeFi and NFT projects. Furthermore, it operates on the environmentally friendly Proof-of-Stake platform. The SHIB token was on its way to the moon in October-November 2021 after beating out its top rival, Dogecoin

2. Significance Of Shiba Inu 

The Shib ecosystem currently supports NFT, GameFi, and decentralized trading through its decentralized exchange ShibaSwap. Thanks to a strong community, a solid stream of endorsement from celebrities and renowned entrepreneurs, SHIB has experienced record gains.

Moreover, Shiba Inu is a cryptocurrency that provides users with tremendous earning potential. The primary purpose behind the network was to formulate an ERC-20 token and ecosystem priced low enough for any user to own millions of them. The team behind Shiba Inu intentionally launched the SHIB token with a price below a penny to make the platform profitable. So far, they have been successful as Shiba Inu has been on the watchlist of several potential investors over the past years. 

Yet another significant factor of the token is its unlimited supply. Shiba Inu was designed in abundance intentionally. The coin was launched with a one quadrillion supply. Over 50% of this supply was locked in Uniswap, while the other half was later transferred to Ethereum co-founder Vitalik Buterin.

3. A Strong And Dedicated Community 

A key catalyst that lifted the dog-themed crypto to its heightened popularity is certainly the SHIB Army. Apart from celebrity attention, the SHIB token is backed by a solid and dedicated community that pushes its popularity and value across multiple social media platforms. 

The token was one of the most talked-about cryptocurrencies on social media in October 2021. This has led SHIB to hit a new all-time high of $0.00008845. Moreover, Shiba Inu has now exceeded Ethereum on total Twitter followers with a hit of 2.6 million. The soaring prices and the fast-growing community could push SHIB to explode in 2023 and beyond. 

Additionally, the Shiba Inu and its community work a lot to benefit communities, creating strong alliances and partnerships at a non-profit level. These philanthropic contributions by SHIB are a dedicated community initiative and have garnered the attention and participation of investors and other crypto developers. 

4. The Reduced Token Supply

Yet another significant reason why SHIB’s value and price would continue rising higher in the coming years is the drastic change in its supply. The cryptocurrency gained huge popularity and attention earlier this year with Buterin’s decision to burn 90% of the tokens in his possession by sending 410 trillion SHIB to an unusable and inaccessible wallet. 

This has removed a significant amount of tokens from circulation forever, pushing SHIB’s value and demand higher.

5. Experts Speak Up

This new meme cryptocurrency has been drawing attention from investors across the globe. Several experts and analysts predict the price range of SHIB for the coming years.

Several experts predict that SHIB could top its resistance level and explode by 2023 if the token continues to maintain its current momentum. 

Wallet Investor:

“Based on our SHIB price prediction, a long-term increase is expected; the price prognosis for 2026 is $0.000265. With a 5-year investment, the revenue is expected to be around +1,166.73%.”

GOV Capital:

“Our data indicates that the asset price has reflected a massive bull run for the past year, and it has tremendous long-term earning potential. The future price of the asset is predicted at $0.0001046 by the end of this year.”

Reddit Community:

“Based on our analysis, the results are not very encouraging as the bears may be back for SHIB, and the SHIB price may drop to $0.0000009 in 2023 and pose a risk for investors.”

Read also: Shiba Inu Price Predictions

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

The Shiba Inu Ecosystem 

The Shiba Inu ecosystem aims to be the best decentralized ecosystem enriched by its own DeX. There are three significant tokens in the Shiba Inu ecosystem. Along with SHIB, there are also the LEASH token and the BONE token.

Both the tokens differ from SHIB in several factors, of which one is the supply limit. LEASH has a supply limit of 100,000 tokens, while BONE's supply is limited to 250,000,00 tokens. The SHIB has a maximum supply of 1 quadrillion and currently has a circulation supply of 549,057.77 billion. 

The ShibaSwap

Yet another significant part of the Shiba Inu ecosystem is ShibaSwap. The three tokens establish themselves through the ShibaSwap exchange. The major purpose of this is to create a safe environment for trading cryptocurrencies. They emphasize that their loyalties lay closely with the holders of the Shiba Inu tokens and thus keep the system completely decentralized. 

The Token Burn 

The developers took an unforeseen and unexpected decision when they locked up 50% of the SHIB token in Uniswap and gifted the remaining 50% to the Ethereum creator Vitalik Buterin. This propelled the Shiba Inu token to gain tremendous traction soon after the minting of 1 quadrillion tokens. 

But as per information from last year, Vitalik Buterin buried 20% of SHIB, sending a total of 410 trillion SHIB tokens to an unusable and inaccessible wallet. But, by effectively removing a large portion of coins from circulation forever, the price of the SHIB will rise sharply with the reduction in its total supply. 

This strategic move will eventually drive SHIB's price to explode tremendously, probably by the end of this year. 

Why Is Shiba Inu Going To Explode In 2023?

Thanks to its strong community and vibrant ecosystem Shiba Inu is one of the fastest-growing meme cryptocurrencies, making it a good potential. 

Cryptocurrencies like Dogecoin and Shiba Inu are created to enable a community to trade for fun. But this never stopped Shiba Inu from exploring its potential and use cases in the blockchain space. The cryptocurrency calls itself an experiment in decentralized spontaneous community building. 

Yet another exemplary benefit of the Shiba Inu cryptocurrency is its ability to be traded or exchanged between and with Bitcoin and other fiat currencies. Also, the network is waiting to explore other high security-packed features. Since the token is available in popular exchanges like Coinbase and Binance, traders can easily access and leverage them to convert SHIB to almost any other coin. This would eventually drive the adoption rate of the token, taking the value of SHIB to colossal highs. 

The Bottomline 

According to crypto experts, if the token keeps up with the same bullish trend, the value of Shiba Inu could likely explode in 2023. Moreover, with further developments in its ecosystem, the cryptocurrency is poised for an upswing, making SHIB a good buy

Having said that, meme cryptocurrencies like Shiba Inu are particularly volatile, and investors have to do their due diligence before investing in SHIB. 

eToro – Best Exchange To Buy Shiba Inu

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