Will The Shiba Inu Cryptocurrency Get To $1 In 2023?

Last Updated January 5th 2023

5 Min Read

After its 1000% gains in the last months of 2021, a lot of investors are now wondering, can Shiba Inu cryptocurrency get to $1 in 2023 after the market crash in 2023? Well, while this may seem like a bit of a stretch, this is crypto and anything is possible.

In 2020, if someone had said that Shiba Inu (SHIB) will rally by over 23,100,000% in a year, they would have been thought of as lunatics. Yet, SHIB went on to make a lot of regular Joe investors insanely wealthy.

That said, one cannot be blind to the fact that there was a perfect confluence of factors that led to Shiba Inu’s extraordinary gains this year. For instance, after the Bitcoin halving of April 2020, the entire market rallied. Then Elon Musk, a highly influential figure globally, started tweeting about Dogecoin.

The Dogecoin-rally that followed saw a lot of investors start looking into Doge-like cryptocurrencies in the hopes of making a quick buck. Shiba Inu was launched right in the middle of this search for the next Dogecoin.

Then towards the end of 2020, governments in the developed world, especially the US, supported their economies with tax subsidies, and direct payments to households. A lot of this money went into stocks and crypto, further fueling the bull rally that was already gripping the financial market.

Shiba Inu’s prospects then got better in early 2021 after rebel investors under the banner, Wallstreetbets decided to pump meme stocks in a bid to stand up to big Wall Street players. It is at this point that GameStop pumped, and some of this momentum flowed into Dogecoin.

The massive Dogecoin pump of early 2021 inspired more investors to take even bigger positions in Shiba Inu. The result was the mega-pump that peaked out in April.

Going into 2023, the circumstances are a little different. For instance, unlike in 2020, Shiba Inu is now a large-cap cryptocurrency. As such, a lot more money is needed to move the price. When speaking in terms of pumping it to $1, the amount of money needed is so huge that it is near mathematically impossible in such a small period. It would also mean that most of the money flowing into crypto would be going to SHIB.

There is no evidence of that at the moment, and if current market dynamics continue into the next months, then Bitcoin and Ethereum are likely to continue being the key market drivers.

Then there is the fact that the meme coin market is getting a little too saturated. In 2020, Dogecoin stole the show, then Shiba Inu entered the market at the perfect time. Today, like in all other high return markets, there are all kinds of meme coins.

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

You have a situation where meme coins are launching every day. Not only are these new coins diluting the overall appeal of meme coins, but they are also giving investors much higher returns than Shiba Inu at the moment. Most of them average 1,000% gains in a few days before dumping.

There is also the fact that the easy money policies that started in 2020 are coming to an end. In most major economies, Central Banks are signaling an end to loose money policies in a bid to curb the increased risk of inflation.

This could have an impact of slowing down the flow of money into the financial markets, crypto included. Such policies may not deter the growth of cryptocurrencies in 2023, but they definitely could impact the magnitude of growth. They could lead to a scenario where Shiba Inu gains in value but falls short of hitting the $1 mark by a huge margin.

That said, just because Shiba Inu may not hit $1 in 2023 does not mean that it is a bad investment. In fact, it is one of the best crypto investments that anyone could have ever made thus far. In just a little over a year, SHIB has turned people who were bold enough to invest a couple of hundred dollars into millionaires.

In October 2021, Shiba Inu rallied by 1100%, an insane ROI by any standards. As long as the market becomes bullish again in 2023, then Shiba Inu has the potential to give investors a good ROI this year.

The best part is that all indications are that the crypto market could be bullish in 2023. For starters, institutional uptake of crypto is on the rise. Institutions played a major role in the crypto bull run of 2020 that peaked in April this year. With the recently approved Bitcoin ETF, coupled with the other avenues for institutional money available today, crypto demand is only set to get bigger.

There is also the fact that the market has shown a lot of resilience in the latest correction. Most cryptos have bounced back, and Bitcoin seems to have found strong support at $35k. It is also interesting that meme coins like SHIB have held their value quite well in the latest correction. It’s an indicator that the underlying demand is strong.

If positive sentiment comes back, then there is a reason to be bullish on SHIB. That’s because something big is coming in 2023 that could trigger the next meme coin wave similar to that of 2020. That event is the Doge-1 mission that is scheduled for Q1 of 2023. The event is a lunar mission funded in Dogecoin and is sponsored by Elon Musk.

If Doge-1 turns out to be a success, it could pump not just Dogecoin, but all meme coins as well. It could be a similar scenario to 2020 when Dogecoin started the rally, then the other meme coins followed. Can such a pump push SHIB to $1, highly unlikely since it’s not a Shib-specific event? Nonetheless, it could help push SHIB up by a couple of thousands of percentages.

Such price action would still be hugely profitable to someone who buys now. The whole point is that it is still early days for SHIB. The question at this point should not be whether Shiba Inu can get to $1 in 2023 but, how much SHIB should one buy today to become a millionaire in 2023.