With 2022 now all but in the books, cryptocurrency investors will be happy to start fresh in 2023 after the crypto winter has gripped the entire industry and brought the momentum that started to build in 2021 to a screeching halt.

The meme token Shiba Inu (CRYPTO: SHIB) has not been spared, down about 75% in 2022 and sporting a roughly $4.9 billion market cap. The culprit is the recent downfall of one of the world's largest crypto exchanges, FTX, which has filed for bankruptcy and seen a flurry of bad press. Regulators are also swooping in. The rest of the industry has suffered fallout from the FTX collapse as uncertainty has taken over.

Despite the tough outlook, crypto bulls will argue that it's a good time to buy the dip and that the industry has better days ahead. Can Shiba Inu ascend to a $10 billion market cap in 2023? Let's take a look.

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Source Fool.com