Traders and investors in Shiba Inu (SHIB) are assessing what 2023 will bring for the dog meme digital asset and many other cryptocurrencies that have been going through a tough time in recent months.
Is the Shiba Inu (SHIB) a good investment for 2023?
However, the world’s largest cryptocurrency exchange Binance named Shiba Inu one of the top three most-watched cryptocurrencies for 2022, and traders searched to buy SHIB, placing it in the same company as the two digital assets with the highest market capitalization.
Additionally, in 2022, SHIB saw an increase in the number of owners, burn rate, whale transactions and overall transaction volume, leaving investors hoping for more for the same in 2023. Finbold, for example, reported in October that the Shiba Inu had added more than 100,000 owners in 2022, despite price fluctuations.
SHIB 7-day price chart. Source: Finbold
SHIB for $1 in 2023?
Dogecoin ( DOGE ) reached its all-time high price of $0.76 in 2021 and had a market cap of close to $100 billion at the time. Even in the most optimistic scenario, the price of the Shiba Inu would have to increase by about 90 times to reach the same market value.
Given the total supply of 549,063,278,876,302 SHIBs currently in circulation, the market cap would have to spike to $549.06 trillion for the SHIB price to reach the desired $1. That’s about seven times the entire world market ($81,359 trillion) and is unlikely to happen.
However, drastically reducing the token supply is the only way to reach $1. As of now, supply is dwindling due to frequent burning, but the 2,350% increase in burning on 11 December (one of the largest in recent times) and a surge in whale transactions have barely changed the price of SHIB.
However, focusing on the non-tradable tokens (NFTs) market, the platform has successfully carved out a niche in the gaming industry. The SHIBOSHIS project is a group of Shiba Inu NFTs that allow token holders to participate in NFT printing, trading and digital land purchase in addition to VR gaming.
If development continues, with a decentralized token exchange called ShibaSwap and a full-fledged ecosystem with two extra tokens, LEASH and BONE, the increase in burn rate continues, SHIB could well be a good investment as one of the top cryptocurrencies. Buy in 2023.
Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. When investing, your capital is at risk.