Shiba Inu (SHIB) is making headlines with a massive jump in its burn rate, sparking excitement among crypto fans. In just the past week, SHIB’s burn rate surged by 900%, and on November 1 alone, it skyrocketed by a whopping 254,000%, with billions of tokens removed from circulation in a single transaction. This significant token burn aims to make SHIB more scarce, which could boost its value over time. With such a dramatic decrease in circulating supply, many investors are wondering if SHIB is set for a big price surge. In this Shiba Inu Price Prediction article, we’ll break down what this burn means for Shiba Inu and its potential impact on the crypto market.
How has the Shiba Inu (SHIB) Price Moved Recently?
The current price of Shiba Inu (SHIB) stands at $0.00001770, with a 24-hour trading volume of $368.08 million. Its market cap has reached $10.43 billion, giving it a market dominance of 0.45%. Over the past day, SHIB’s price has risen by 5.34%.
Shiba Inu’s all-time high was on October 28, 2021, when it peaked at $0.00008819, while its lowest point was recorded on November 28, 2020, at $0.0000000005637. Since that peak, the lowest price SHIB has reached is $0.00005821 (cycle low), and it rebounded to a cycle high of $0.00004501. Currently, the sentiment around SHIB price prediction is neutral, and the Fear & Greed Index shows a reading of 69, signaling a “Greed” phase.
Shiba Inu’s circulating supply is 589.27 trillion SHIB out of a maximum supply of 589.74 trillion SHIB. The yearly supply inflation rate is slightly negative at -0.01%, indicating a decrease of 79.56 billion SHIB over the past year.
Shiba Inu Price Prediction: SHIB Price can Rise Massively
The recent push to create a Strategic Hub for Innovation in Blockchain (S.H.I.B.) in the U.S. could be a game-changer for Shiba Inu. With the U.S. competing globally in blockchain and digital assets, this initiative could attract serious investments and partnerships, potentially elevating SHIB's presence and credibility in the industry.
By planning for infrastructure, nurturing talent, and focusing on sustainability, Shiba Inu is aligning itself with a forward-thinking roadmap. This could boost SHIB's appeal to investors who are looking for projects with long-term vision and strong growth potential.
On top of this, the SHIB community’s dedication to reducing the token supply continues to show through the recent burn rate surge. Just last week, SHIB’s burn rate shot up 900%, with a record-breaking spike of 254,000% on November 1 after billions of tokens were burned in a single transaction.
A higher burn rate means a shrinking supply, which could drive value over time, especially if SHIB finds more real-world use cases. However, even with this level of burning, SHIB’s price has only risen slightly over the past week, meaning there’s still a long way to go for a massive jump. Reaching $0.001 would still require a rally of over 13,000%, so it’s not likely without major catalysts or widespread adoption.
What’s promising, though, is the commitment to invest up to $2.35 billion over the next 5-10 years to build out the S.H.I.B. hub. This funding isn’t just about attracting investors; it’s aimed at developing a regulatory framework, global marketing, and sustainable practices, all of which can help SHIB stand out in a competitive market.
While these moves might not skyrocket SHIB’s price in the immediate future, they could set the stage for steady growth over time as the project builds a stronger foundation and gains more recognition. So, while SHIB might not hit extreme highs just yet, this strategy definitely adds to its long-term appeal.
