Can SHIB’s Valuation Reach $10 Billion in 2023?

Shiba Inu is retracing in price after spiking nearly 77% since the start of January 2023. The token reached a yearly high of $0.00001549 early this month and shed most of its gains in the last 10 days. SHIB is dipping in the indices after the lead developer of ShibaSwap, Shytoshi Kusama wrote on Telegram that Shibarium has no release date. You can read more details about it here.

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Can Shiba Inu’s Valuation Reach $10 Billion in 2023?

Shiba Inu’s valuation stands at $7.3 billion currently and is ranked 14 in terms of market cap. Therefore, SHIB needs to jump another 30% to reach a valuation of $10 billion in 2023. This is not impossible considering that the dog-themed token is volatile and could skyrocket in price at any time.

The price jump could come as the inflation numbers are falling from 7.1% to 6.5%. If the next CPI data remains positive, the markets could rally further making Shiba Inu reach new yearly highs.

Also Read: Shiba Inu: 2 Investors Make $9 Million With $7,900 Investment

Since SHIB is relatively a smaller asset, it could print more gains than its counterparts in the cryptocurrency markets. Also, once the token gains steam, its brand recognition could attract many more investors to the bandwagon making its market cap rise further.

The overall cryptocurrency markets reclaimed $1.04 trillion in market cap in February 2023. Another leg-up could take the markets to reach $1.10 ushering positivity among the investor community.

Nonetheless, the markets remain to be on a slippery slope this month as Bitcoin slipped from $24,000 to $21,000 levels. Leading altcoins are also shedding value due to the downturn as fears of a recession approach.

Also Read: Will You Buy Shiba Inu or Ethereum if You Had $1,000? See What Holders Say

At press time, Shiba Inu Coin was trading at $0.00001246 and is down 5% in the 24 hours day trade. SHIB is down 85.6% from its all time high of $0.00008616, which it reached in October 2021.