Can Shiba Inu Hit $0.0001 in 2023?
Shiba Inu (CRYPTO: SHIB) has attracted the attention of investors both inside and outside the crypto world since its launch in 2020 and has become one of the most highly sought-after digital assets. This popular meme coin was developed and launched as a potential contender to the largest meme coin at the time, Dogecoin, and there have been many catalysts discussed for this meme token to transform itself into a utility token.
The bull case for Shiba Inu continues to rely on the narrative that, at some point, this community-focused blockchain project will deliver significant value to end users. The network's decentralized finance (DeFi) project, Shibarium; SHIB: The Metaverse; ShibaSwap 2.0; and the SHI stablecoin are examples of upcoming developments that bulls continue to point to as reasons to buy this token.
However, looking under the hood, there's not really much of a utilitarian case to be made to own SHIB right now. And given the rather rough ride that higher-risk cryptocurrencies took in 2022, the downside potential with SHIB in a prolonged bear market is scary.
Source Fool.com
