Is Shiba Inu (SHIB) a Good Crypto to Buy in 2023?
Binance named Shiba Inu as one of three ‘most watched’ cryptocurrencies in the past 12 months.
The news places Shiba Inu up with Bitcoin and Ethereum, the two largest digital currencies by market cap. At one point Shiba Inu even overtook Bitcoin to become the most Googled cryptocurrency in the world.
But does all this make Shiba Inu a good crypto to buy in 2023?
Let’s take a closer look at the Shiba Inu roadmap and whether Shiba Inu can hit a $1 price in 2023.
Two Shiba Inu dates for your diary in 2023
Two major developments in Shiba Inu are expected to drop in 2023:
- Shiba Inu burn portal
Shibarium is a layer-2 blockchain which can grow the scalability of Shiba Inu’s host chain, Ethereum. Shibarium will allow for Shiba Inu dApps, NFTs and DeFi projects – and the Shiba Inu lead developer Shytoshi Kusama just announced on Twitter that Shibarium is dropping ‘very soon’ in early 2023.
The Shiba Inu burn portal is also expected for 2023. It will give Shiba Inu holders the chance to burn their SHIB and receive passive income in return.
The launch of both of these will create price breakouts for Shiba Inu – so make sure you buy just before each date.
Can Shiba Inu hit $1 in 2023?
Imagine if you bought $100 of Shiba Inu today, and in 2023 the price of SHIB hit $1. Your portfolio would now be worth $10.8 million.
It’s a life-changing sum of money.
And let’s not get started on had you bought $1,000 of Shiba Inu or $10,000!?
But will Shiba Inu reach $1 in 2023? The short answer is ‘probably not’ for two main reasons:
- Shiba Inu isn’t burning enough tokens
- We’re not expecting a bull market until 2024
Could Shiba Inu burn its way to $1?
Shiba Inu needs to burn 589 trillion tokens in 2023 to have a hope of reaching $1 price. And they’re not burning a lot of them. In November, just 661 million SHIB tokens were burned at a dollar value around $6,000.
To do better, Shiba Inu might need to learn a few tricks from altcoins like EverGrow. EverGrow is the leading hyper-deflationary token, as it burns its own supply from a transaction tax (2% of every buy/sell) and 100% of revenue from an ecosystem of innovative applications.
For example, the NFT marketplace LunaSky sends 100% of revenue from mint fees and EverGrow NFT sales to burn EverGrow.
Shiba Inu meanwhile sends just 5% of revenue from the Shiba Eternity game to burn SHIB – and since the game went live in October, the Shiba Inu burn rate has been falling month on month.
Meanwhile, almost burned 1% of its circulating supply in November – worth over $250,000.
You can read more about EverGrow here: https://evergrowegc.com/
Will Shiba Inu get to $1 in the next bull market?
For Shiba Inu to get to $1 by investment alone, here’s what needs to happen.
The Shiba Inu market cap needs to grow to $590 trillion. That’s 590 times bigger than the entire crypto industry. It’s nearly 30 times the size of the United States GDP.
Since we’re not expecting a bull market until 2024, there’s not a great chance Shiba Inu will even get back to its all-time high market cap of $45 billion. And even then, $45 billion is a very long way away from $590 trillion.
Shiba Inu could well produce price spikes following the key events outlined above.
But Shiba Inu hitting $1 in 2023?
Be sure re-read this section if you think that’s an achievable investment goal for 2023.