The meme coin craze of 2021 is long gone, but some investors continue to hold out hope that Shiba Inu (CRYPTO: SHIB) can somehow turn things around. But not much seems to be working for Shiba Inu in 2023. Yes, it's up more than 24% for the year, but it's wildly underperforming other top cryptos such as Bitcoin (CRYPTO: BTC), which is up more than 73% this year.

Of even more concern, the past 30 days have seen the price of Shiba Inu drop by 10%, so it is losing any momentum it might have had. Increasingly, investors want to see real, tangible results. And Shiba Inu may not be able to deliver.

The primary catalyst that was supposed to catapult this doggy meme coin into orbit this year was the launch of Shibarium, a Layer-2 scaling solution that was supposed to make Shiba Inu faster, cheaper, and easier to use. As a result, developers would be falling all over themselves to build on top of Shiba Inu, right? 

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Source Fool.com