The Shiba Inu was trading at $0.00000805 (five ‘resets’) on January 1, 2023, but this month its price has gradually increased. SHIB cleared a “zero” after hitting its monthly high of $0.00001270 on January 18, followed by a pullback in price. Meme coin is up 43% since the beginning of 2023 and has gained 46.1% in the last 30 trading days.
The price hike created a new sense of enthusiasm in the SHIB community. Hopes are high that 2023 could be the year of the meme coin, with a host of updates likely to be released this year.
Will 2023 Be the Year of the Shiba Inu?
The Shiba Inu has a slew of updates that are expected to launch in 2023 and could increase the price sustainably. We can list the expected developments as follows:
- Shibarium Public Beta TestNet and Shibarium layer-2 network
- SHIB: The Metaverse
- ShibaSwap 2.0
- ShibaNet Treat token
- SHI stablecoin
Although the developments seem promising, it is not known whether all of these developments will be published in 2023. Each development takes time to progress, and the delay in launch reflects negatively on the price. Also, the 43% price increase in 2023 can be attributed to the upcoming Shibarium Public Beta TestNet launch. If the team had not approved the exit, the meme coin might not have risen 42% in 23 days.
Therefore, upcoming developments play a big role in SHIB’s performance in the coming months. As a result, 2023 could be the year of the Shiba Inu if the team launches all of their products in quick succession. On the other hand, a delay in the launch could cause the cryptocurrency to slide down, wiping out all the profits it made in January.
You can follow the current price action here.