Why Shiba Inu Could Be Ready for a Bull Run in 2023
In 2022, popular meme coin Shiba Inu (CRYPTO: SHIB) is down 76.21%. To say this performance is disappointing would be a colossal understatement. After all, Shiba Inu burst onto the scene in August 2020 as one of the hottest meme coins ever. In 2021, Shiba Inu delivered eye-popping returns of 43,800,000% and the sky appeared to be the limit.
So now comes the moment of truth for Shiba Inu. Is it destined to become the crypto world's equivalent of a one-hit wonder, or is it building real value for crypto investors who continue to hold it for the long term? There are at least two reasons to believe that Shiba Inu could be ready for a bull run in 2023.
In hindsight, Shiba Inu's attraction as a super-popular meme coin in 2021 was based on nothing more than hype and speculation. The coin featured a cute doggy mascot, and was clearly designed to be the next Dogecoin. It went up, not because of any underlying fundamentals, but because people hoped it would go up. There was always somebody willing to pay more for Shiba Inu.
Source Fool.com
