Should You Invest in Shiba Inu in 2023?
Amid the popularity of meme stocks in the spring and summer of 2021 that catapulted otherwise struggling businesses to new heights, the excitement spilled over to the crypto market. And Shiba Inu (CRYPTO: SHIB), a digital token that has a dog mascot and was inspired by Dogecoin (CRYPTO: DOGE), skyrocketed in 2021 along with the crazy behavior of the rest of the market.
But since then, things haven't been so rosy. As of this writing, the price of one SHIB coin is $0.000009206, down 72% in 2022. Are better days ahead for this cryptocurrency in 2023? And should you consider buying it?
Shiba Inu was created as a blockchain that was compatible with the Ethereum (CRYPTO: ETH) ecosystem, thus opening up the potential for faster adoption. This is in contrast to Dogecoin, which really had no functionality from the beginning. But because of Dogecoin's popularity, thanks to public support from famous billionaires like Elon Musk and Mark Cuban, Shiba Inu's founders saw an opportunity.
Source Fool.com
