On March 17th, Shiba Inu, one of the leading meme coins built on the Ethereum network, experienced an impressive price surge of nearly 10%. This surge caught the attention of crypto enthusiasts around the globe. It was fueled by a wave of optimism in the market, coinciding with a significant increase in the burning of SHIB tokens, as reported by Shibburn, a tracker for Shiba Inu’s token burns. In this article, we will talk about two potential reasons that could trigger SHIB price to $1. Let’s take a look at this Shiba Inu price prediction article in more detail.
With a remarkable price increase of almost 200% observed over the past month, combined with the surge in token burns, Shiba Inu’s recent performance has painted a positive picture for the coin within the broader cryptocurrency market. Additionally, the coin’s recent developments have contributed to its growing influence in the crypto world, further solidifying its position as one of the most prominent meme cryptocurrencies.
Currently, Shiba Inu is trading at $ 0.00002882, with a trading volume of $ 2.29B over the past 24 hours. Its market capitalization stands at $ 16.99B, representing a market dominance of 0.65%. In the last 24 hours, the SHIB price has increased by 11.11%.
The highest price ever recorded for Shiba Inu was on Oct 28, 2021, reaching its all-time high of $ 0.00008819. On the other hand, its lowest price was registered on Nov 28, 2020, when it hit its all-time low of $ 0.00000000005637. Since its all-time high, the lowest price experienced was $ 0.000005821 (cycle low), while the highest SHIB price since the last cycle low reached $ 0.00004501 (cycle high). Currently, sentiment analysis predicts a neutral trend for Shiba Inu’s price, while the Fear & Greed Index is indicating 77 (Extreme Greed).
The circulating supply of Shiba Inu is currently 589.29T SHIB out of a maximum supply of 589.74T SHIB. The current yearly supply inflation rate stands at 7.33%, resulting in the creation of 40.23T SHIB over the past year.
Shiba Inu Price Prediction: Why Could the SHIB Price Explode Further? Two reasons…
Reason 1
Shibburn data shows an incredible 2367.58% surge in Shiba Inu coin burning within the last 24 hours, totaling 195,674,345 $SHIB destroyed. This sparked strong optimism in the market among Shiba community members, who are actively working to improve SHIB tokenomics.
The increasing burn rate, driven largely by massive transfers to a dormant wallet, is amplifying the impact of supply and demand dynamics, fueling positive sentiment towards Shiba Inu. Two significant transactions to the dormant wallet were highlighted by Shibburn, involving 167.58 million and 16.68 million SHIB respectively, reflecting the community’s dedication to enhancing tokenomics.
Reason 2
In a recent update from The Shib, Shiba Inu’s magazine, Kusama hinted at beta testing for the Creature Card Game (CCG) coming in the next quarter. This news got the community excited, even though the details are still a bit fuzzy. Meanwhile, Mazrael, a Shiba Eternity advisor, confirmed progress on the game, matching Kusama’s update.
Along with other improvements, this progress will be included in a mobile version update, a big step toward launching the Play-to-Earn (P2E) version of Shiba Eternity. These developments are part of a series of breakthroughs for the Shiba Inu community this month, boosting enthusiasm for their crypto project and efforts to welcome new members.
Will SHIB reach $1?
The current trajectory suggests that Shiba Inu (SHIB) may indeed be on the cusp of a significant price explosion. Over the past year, SHIB has demonstrated remarkable growth, with an impressive 164% increase in price.
This performance surpasses the majority of the top 100 cryptocurrencies, indicating robust market demand and investor confidence in SHIB’s potential. Furthermore, SHIB has outpaced even the giants of the crypto world, Bitcoin and Ethereum, underlining its strength and appeal within the market.
The fact that SHIB is trading above its 200-day simple moving average further reinforces its bullish trend, signaling sustained upward momentum. With 18 out of the last 30 days showing positive price movements, accounting for 60% of the period, SHIB exhibits consistent and resilient performance.
Additionally, its high liquidity, as reflected in its market cap, suggests a strong foundation for further growth. While it’s challenging to predict precisely when SHIB might reach $1, given its current trajectory and market dynamics, it’s plausible to anticipate continued upward momentum, potentially leading to a significant price surge in the foreseeable future.
Considering the current price gap between Shiba Inu (SHIB) and the $1 mark, it appears highly unlikely that SHIB will experience an explosive surge to reach $1 in the immediate future. As of the latest data, SHIB is priced at $0.00002908, indicating a substantial disparity from the $1 target.
Achieving a price of $1 would require an astronomical increase of over 34 million percent from its current valuation. While SHIB has demonstrated impressive growth over the past year, with a 164% increase, such a massive leap remains unrealistic given the current market conditions and historical price trends.
Additionally, reaching $1 would entail surpassing the market capitalizations of many established cryptocurrencies, including Bitcoin and Ethereum, which is a monumental feat. Therefore, while SHIB’s performance may continue to be positive and exhibit upward momentum, the prospect of it reaching $1 in the near term seems highly improbable based on the existing price gap.
Where to Buy SHIB?
For individuals eager to enter the cryptocurrency market, Bitget emerges as a reliable platform. Offering low fees, a user-friendly interface, and a straightforward onboarding process, Bitget provides a convenient experience for both novice and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers a streamlined avenue to buy and trade cryptocurrencies in the dynamic and rapidly evolving market.
