Charting its own crypto milestone, Shiba Inu reportedly soared a whopping 45,000,000% in 2021. Stealing the crypto spotlight with its market gains earlier, Shiba Inu did fall over 75% in 2022. But investors’ fascination for the cute dog mascot-dawning Shiba Inu is still an amaze.
We shouldn’t forget that Shiba Inu’s scaling solution, Shibarium, is also launching soon. Shibarium is Shiba Inu network’s layer-2 upgrade. So, would history repeat itself for Shiba Inu in 2023?
SHIB is trading at $0.000008261 (down 3.45%) at press time, per CoinMarketCap (CMC). Shiba Inu ecosystem’s Bone ShibaSwap (BONE) token is selected as a utility token for blockchain transaction fees. The news has reportedly led to the BONE token rising over 40% in a week’s time.
Shiba Inu’s whitepaper states it is an “experiment in decentralized spontaneous community building.”
SHIB supporters in the form of Shib Army are behind the popularity of Shiba Inu across social media platforms. The soaring SHIB created a FOMO pushing investors to increase their Shiba Inu holdings. But the crypto winter did leave an impact on Shiba Inu as it fell in 2022.
A rising inflation prompted investors to skip risk-posing cryptocurrency assets. Operating on the Ethereum network, Shiba Inu is currently suffering from congestion and soaring transaction fees. Shibarium would solve this predicament for Shiba Inu. But to make Shiba Inu a sustainable manifold profit cryptocurrency, use-cases beyond being a mere payment token are required.
Token supply is reported to be a pressing Shiba Inu problem. With 549 trillion tokens in circulation, Shiba Inu is not even priced close to one cent. A $1 SHIB price mark would amount to a $549 trillion market value.
This analogy, though, does not fit well with a mere $806 billion crypto market as a whole. But still, taking SHIB anywhere near the $1 mark would take a whole lot more than simply burning some tokens. Still, the SHIB token can be a money-minting token if it simply triples, but for a limited extent only.