There are 589.3 trillion tokens in circulation, which is why its current price of $0.00001 features so many decimal places. But so far, nothing has really moved the needle. The Shiba Inu community is trying to create new use cases for the token, including with a metaverse (virtual world), and a Layer-2 blockchain solution called Shibarium, which is designed to reduce the cost and friction when transacting. Without adoption, sustaining value over the long term is an uphill battle.

That's one of the reasons it's struggling to climb back toward its all-time highs - just 746 businesses worldwide accept the token as payment for goods and services, which means consumers have little reason to own it. That environment is less than ideal for speculative tokens like Shiba Inu, which are seldom used in the real world for transactions. Regulators are still attempting to track down missing funds, and the saga has caused many investors to shun the crypto industry.Īccording to a survey conducted by business news network CNBC at the end of last year, just 8% of Americans have a positive view on cryptocurrencies. A series of high-profile collapses across the industry reached a crescendo in November when global brokerage firm FTX fell into bankruptcy owing customers an estimated $3 billion. Last year was one to forget for cryptocurrency investors. The crypto industry is coming off its worst year ever But sentiment surrounding the broader crypto industry has improved in 2023, so could Shiba Inu stage another historic run? There might actually be a way the token could soar to $1, but it won't have the effect most investors think it will.

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