Introduction
Shiba Inu (SHIB), the dog-inspired meme token that lives as an ERC-20 token on the Ethereum blockchain, has been making headlines lately. Despite the pullback in the broader cryptocurrency market, Shiba Inu has been pushing higher and is currently trading at around 3.0% higher on the day. With the recent news of Canadian crypto payment gateway FCF Pay adding the main Shiba Inu ecosystem tokens to its prepaid Visa and Mastercard cards, the SHIB token is expected to see significant growth.
Shiba Inu’s Impressive Gains
SHIB/USD has been changing hands around $0.0000125 and is up more than 50% since the start of 2023. With buying pressure appearing to be building, the gains could be about to accelerate. Shiba Inu is testing a downtrend linking the August and October 2022 highs and could break above this key long-term downtrend, potentially opening the door to a rapid run towards the October high in the $0.0000152 area and beyond.
Potential Sources of Support Technical and broad crypto tailwinds are not the only potential sources of support for Shiba Inu. The development team is working on several projects, including the Shibarium, its own Ethereum scaling solution blockchain, and a Shiba Inu metaverse, which are expected to add significant utility to the SHIB token in 2023. With its massive and supportive community and impressive development efforts, investors are likely to view Shiba Inu as an investment in a long-term, valuable crypto project, rather than just a way to make a quick buck.
Alternatives to Shiba Inu
If you’re interested in other high-potential crypto projects alongside Shiba Inu, our team has reviewed the top 15 cryptocurrencies for 2023. This comprehensive analysis will provide you with valuable insights into the current state of the crypto industry and help you make informed investment decisions.
Conclusion
Shiba Inu is an impressive cryptocurrency that has seen significant gains since the start of 2023. With its potential sources of support, including its development team’s projects and its massive and supportive community, Shiba Inu could be an investment worth considering in 2023. Whether you’re looking for high-potential crypto projects or just want to learn more about the state of the crypto industry, our team’s analysis of the top 15 cryptocurrencies for 2023 is a must-read.
