There are a number of dog-inspired cryptocurrencies out there. Dogecoin is probably the first that comes to mind. But there's also Shiba Inu (CRYPTO: SHIB), which has produced a monster return of 529,000% since its launch in August 2020. This remarkable price performance even incorporates SHIB's 90% fall over the past 14 months. 

What are the chances that Shiba Inu, currently the 16th most valuable cryptocurrency with a market cap of just under $5 billion (as of this writing), reaches $1 in 2023? Let's take a closer look at how likely, or unlikely, this is. 

Seeing the limitations with Dogecoin, the dog-themed meme token of its predecessor, the founders of Shiba Inu made its token, SHIB, compatible with the vast Ethereum ecosystem, thus connecting it to different protocols. Shiba Inu launched with an initial supply of 1 quadrillion tokens. But after many were burned, the current total in circulation is 549 trillion, according to coinmarketcap.com. 

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Source Fool.com