Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Shiba Inu has grown into a huge ecosystem whose diversity is now tagged as one of its strengths.
Those that are conversant with the digital currency ecosystem will know Shiba Inu (SHIB), the memecoin that is the subject of today’s episode of Coinspeaker Advent Calendar. How will Shiba Inu change in 2023?
Shiba Inu came into the limelight sometime around August 2021 as a formidable competition to Dogecoin (DOGE). Shiba Inu made its debut in honor of the breed of a dog bearing the same name, thus sharing the same fundamentals with Dogecoin. The token, which is resident on the Ethereum (ETH) protocol, is aimed at empowering its community in a fun-filled and engaging manner.
Shiba Inu first impressed many investors; it returned over 10 million percent returns to its early backers. The sporadic growth of the memecoin startled many as it surpassed that of its closest rival DOGE, and created the notion that it may be a good buy for the long term.
Shiba Inu has had a number of good times since its inception and the fact that Twitter and Tesla Inc (NASDAQ: TSLA) are big promoters of Dogecoin and by extension, the SHIB token. The unending posting of his Shiba Inu dog breed has over the past year been turned into a pump signal for all investors of the token.
From what started as a joke, Shiba Inu now represents quite more than a memecoin of its community. It is gradually pivoting to a utility coin that now finds uses in eCommerce and as a payment for a wide range of goods and services.
As reported by Coinspeaker in June, the luxury watch brand Breitling announced it has added Shiba Inu as one of its payment methods. This complemented a host of other deals the developers behind the memecoin project have inked over the past years. The listing of SHIB on Coinbase Global Inc (NASDAQ: COIN) opened investors in the North American nation to embrace the coin in a regulated manner.
Shiba Inu (SHIB) Traction and the Hopes for Growth in 2023
Shiba Inu has grown into a huge ecosystem whose diversity is now tagged as one of its strengths. Dubbed the Shib Army, the hopes for future growth in the memecoin which is trading at a price of $0.000008527 at the time of writing is dependent on the continuous trust and buyup from its ecosystem.
Shiba Inu is creating the avenues that the SHIB token will be able to ride on to create additional values for its users. Besides the pivot into ecommerce, Shiba Inu is also developing its metaverse world dubbed Shiberse. Shiberse will be an integrated world that will further highlight the potential of the SHIB token in a real-world setting.
With its impressive fundamentals, we should expect the SHIB token price to range from a low of $0.000007197 to a high of $0.00005085. In between this price range, SHIB will see a string of volatility that should be watched out for but in all, we expect SHIB to close 2023 on a positive note.
All decisions to buy SHIB should be accompanied by the appropriate guidance and risk management controls. Watch out for more insightful content in our Coinspeaker Advent Calendar series.