Will 2023 Be A Better Year For Shiba Inu?

Last Updated January 5th 2023
5 Min Read

The Shiba Inu meme token was on an explosive journey in 2021. Most, if not all meme tokens in the market, are mimics of Dogecoin, and Shiba Inu is no exception. The token seeks to solve some of the limitations of Dogecoin and become a “Dogecoin killer”.

Shiba Inu is the only meme token that has lived up to the name of being a Dogecoin killer despite failing to hold the title for long. In October 2021, Shiba Inu became one of the top 10 largest cryptocurrencies by market capitalization, and it was able to surpass Dogecoin. 

However, the meme token failed to hold this position for long, and it slumped again to below the top 10 list. It is currently trading at around $0.000020, far from its peak of $0.000084 achieved in October. 

Despite the recession, there is still optimism in the market that Shiba Inu could be head towards a greater bullish rally and hit another peak in 2023. 

Shiba Inu Listings 

The Shiba Inu bullish rally was recently restored after the token made a 30% jump after listing on the Kraken exchange. In 2021, Shiba Inu enjoyed major adoption from exchange platforms, and it is currently listed on all major exchanges, including Binance and Coinbase Pro. 

One of the listings that could mark a major turning point for Shiba Inu in 2023 is a listing on Robinhood. Robinhood is one of the popular exchanges with meme coins, and when Dogecoin hit a peak earlier last year, Robinhood generated most of its revenues from Dogecoin trades. 

In October 2021, the Shiba Inu community filed a petition to be listed on the Robinhood cryptocurrency exchange. The petition garnered much support from the popular “Shiba Army.” A listing of Shiba Inu by Robinhood could most likely happen in 2023, as the exchange had initially launched a survey regarding the token. 

If SHIB lists on Robinhood, it could mark a major jump for the token and increase the trading volumes significantly, contributing to notable gains. 

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

Shiba Inu Moving Into The Metaverse 

One of the top topics in the cryptocurrency market currently is the metaverse. The metaverse is a virtual world that is expected to bring digitization to every aspect of life. 

Metaverse projects and coins have been making bullish gains since last year because of the boom of the metaverse. Moreover, the metaverse has gone beyond the crypto space, and it has even found its way to top tech giant firms such as Microsoft and Facebook. 

Shiba Inu has announced its endeavour into the metaverse, which led to a major spike in the token’s value. 

The Shiba Inu post referring to the token’s venture into the metaverse noted that the team wanted to enter into the metaverse by developing an online game. Currently, no in-depth details have been offered regarding the same.  

When it comes to online gaming and the metaverse, Shiba Inu has many gains that it could reap from this sector, given that metaverse coins and projects have made incredible gains, as mentioned earlier. 

The SHIB post regarding its venture into the metaverse suggests that the online gaming version is currently in the theory phase. However, the details show that the online gaming platform will be based on Shiba Inu’s decentralized network. 

With this post, there is a high likelihood that Shiba Inu’s metaverse dreams could come true Inu 2023. At the time, the metaverse will have gained more endorsements from brands that want to develop virtual experiences, and if SHIB gains utility for use in the metaverse, the journey towards $0.0001 could be more than possible. 

Check Out: Shiba Inu Price Predictions

Rising Fears Of Inflation 

More investors are flocking into the cryptocurrency space as a way of storing their wealth. Crypto assets have gained by terms of token holders, and Shiba Inu has had the opportunity of being one of the popular tokens that investors can have in their portfolio. 

In the United States, the inflation rate currently stands at a 30-year high, which is creating panic among people who feel like their savings are deteriorating in value. With Shiba Inu, these individuals can invest in something that has the potential for making notable gains. 

Cryptocurrencies are volatile, and Shiba Inu is not spared from this despite making a 7 million percentage gain in one year. However, when a token has potential for making gains, they make for a good hedge against inflation in the future, which is what Shiba Inu is doing. 

Optimistic investors who believe that Shiba Inu will gain in value over the years prefer to store their wealth in the form of crypto. This narrative could drive demand for SHIB tokens, and their prices would gain, after which an investor will not only protect their assets from inflation but also lead to notable gains. 

Growing Crypto Popularity

The crypto market has recorded increased popularity in recent months. 2021 was one of the best years in the crypto community. In 2021, the crypto market reached a $2 trillion valuation, and institutional investors have now flocked the space. 

While the entire crypto market has gained popularity, Shiba Inu has gained the most in this aspect. Shiba Inu was only launched last year, but in such a short time, the number of token holders has surpassed 800,000, and it has been one of the most traded tokens on leading exchanges. 

Moreover, the token’s gains have been massive, given that as a new token that did not start with a strong technological backing, it has managed to find its way into many wallet addresses and even attract institutional investors. 

The popularity of Shiba Inu has also allowed the token to gain utility as a means of payment. The token is now being used for payments on the Vegas Auto Gallery, a luxurious car dealership in Las Vegas. It will also be used to buy online tickets from AMC Entertainment, a leading movie theatre chain. 

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In Summary 

Combining the above factors could lead to notable gains for the SHIB token. Due to this, the token could be headed towards a major bullish rally, and it could add the number of token holders. 

However, before investing in the crypto market, you need to be cautious about the risks that come from cryptocurrencies. The high volatility of these assets could mean major losses.

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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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