Why 2023 Could Be a Game-Changer for Shiba Inu (SHIB)
2022 was not kind to the meme con Shib Inu (SHIB) as its price dropped early on in the year thanks to the crypto winter. Despite this, the Shiba Inu team continued with the development of the ecosystem, which could be the crypto’s saving grace in 2023.
The Shiba Inu metaverse was one of the first big developments for SHIB in 2022. This was followed by the launch of DOGGY DAO in February of last year.
These developments created excitement in the crypto community which is probably why SHIB remained popular throughout 2022 despite the drop in its price. There was, however, a bit of a drawback when the market realized that SHIB’s price was mostly at the mercy of whales. The meme coin’s MVRV also hit its lowest point of 2022 in May.
Throughout 2022, SHIB’s daily on-chain transactions in profit spiked three times in February, June, and October. The number of daily addresses also followed a similar trend and spiked during the same month.
SHIB metrics (Source: Santiment)
While 2022 was a tough year for SHIB, 2023 might be a bit kinder on the meme coin. One of the first things that could count in favor of SHIB in the new year is the launch of Shibarium. This could lead to SHIB standing at the top of various charts as it will bring several new features to the network.
The steady burn rate and the deflationary nature of SHIB could also count in its favor. Adding to SHIB’s potential in 2023 is the possible launch of a new token on the ecosystem that is rumored to be named TREAT.
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