Shiba Inu: Here’s What SHIB Needs to Rally in 2023

Shiba Inu (SHIB), alongside all mainstream crypto tokens, took a hit in 2022. However, as we enter the new year, there are some steps that the popular dog-themed cryptocurrency can take to have a better 2023.

The first thing that Shiba Inu needs are new and healthy holders. Over the previous year, speculative traders sold SHIB every time the token witnessed a rebound. The move led to high sell pressure on the popular crypto.

According to, SHIB currently has 1,274,462 holders. However, the majority of SHIB holders are whales. This makes the assets even riskier than some other cryptos. If some of these whales were to sell their holdings, it would have detrimental effects on the token’s price. SHIB will need to get its paws on more retail holders to balance out the whale holdings.

Along with new holders, the second thing that Shiba Inu could do is develop more use cases for the token. The canine cryptocurrency is limited to very few businesses. In that regard, Shiba Inu’s upcoming layer 2, Shibarium, might lead to new use cases for the token. According to lead developer Shytoshi Kusama, the launch is in its final stages and will take place very soon.

Shiba Inu (SHIB) 2022 burns

According to Shibburn, Shiba Inu’s burn tracker, a total of 83.34 billion tokens were burned in 2022, over 6395 transactions. At this current rate, the value of the SHIB burned is $675944.74.

Nonetheless, the burns have not been successful in making much of an impact on SHIB’s price. This is because the burns are tiny in number compared to SHIB circulating supply. A lot more tokens will need to be burned if they were to have an impact on SHIB’s price.

At press time, Shiba Inu (SHIB) was trading at $0.00000811, up by 0.5% in the last 24 hours.