Shiba Inu (SHIB) is making headlines with a surge in burn rate, exciting cryptocurrency fans. Just in the past week, SHIB's burn rate skyrocketed by 900%, and on November 1 alone, it surged to 254,000%, with billions of tokens removed from circulation in just one transaction. This significant burn is aimed at making SHIB scarcer, which could drive SHIB's value over time.
With such a sharp decline in circulating supply, many investors are wondering if SHIB is about to rise sharply. In this article on Shiba Inu Price Prediction, we will analyze the implications of this burn for Shiba Inu and its potential impact on the cryptocurrency market.
How has the price of Shiba Inu (SHIB) changed recently?
The current price of Shiba Inu (SHIB) is $0.00001770, with a 24-hour trading volume of $368.08 million. Its market capitalization has reached $10.43 billion, giving it a market dominance of 0.45%. Over the past day, SHIB's price has increased by 5.34%.
Shiba Inu's all-time high price was on October 28, 2021, when it peaked at $0.00008819, while the lowest recorded price was on November 28, 2020, at $0.0000000005637. Since that peak, the lowest price SHIB reached was $0.00005821 (cycle low) and has recovered to the cycle high of $0.00004501. Currently, the sentiment surrounding SHIB price prediction is neutral, and the Fear & Greed Index shows a reading of 69, indicating a 'Greed' phase.
The circulating supply of Shiba Inu is 589.27 trillion SHIB out of a maximum supply of 589.74 trillion SHIB. The annual supply inflation rate is slightly negative at -0.01%, indicating a reduction of 79.56 billion SHIB over the past year.
Shiba Inu Price Prediction: SHIB Price Could Surge
Recent efforts to create a Strategic Innovation Center in Blockchain (SHIB) in the United States could be a turning point for Shiba Inu. With the U.S. competing globally in blockchain and digital assets, this initiative could attract serious investments and partnerships, potentially enhancing SHIB's presence and reputation in the industry.
By planning infrastructure, nurturing talent, and focusing on sustainability, Shiba Inu is aligning with a roadmap towards the future. This could enhance SHIB's appeal to investors looking for projects with long-term vision and strong growth potential.
Moreover, the dedication of the SHIB community to reducing the token supply continues to be demonstrated through the recent spike in burn rate. Just last week, SHIB's burn rate surged by 900%, with a record surge of 254,000% on November 1 after billions of tokens were burned in a single transaction.
A higher burn rate means the supply is shrinking, which could drive value over time, especially if SHIB finds more real-world use cases. However, even with this burn, SHIB's price has only slightly increased over the past week, indicating that there is still a long way to go for a major leap. Achieving $0.001 still requires a price increase of over 13,000%, so it's unlikely without significant catalysts or widespread adoption.
However, the promising commitment of investing up to $2.35 billion over the next 5-10 years to build the SHIB center. This funding aims not only to attract investors but also to develop a legal framework, global marketing, and sustainable operations, all of which can help SHIB stand out in the competitive market.
Although these moves may not cause the price of SHIB to skyrocket in the near future, they could lay the groundwork for steady growth over time as the project builds a stronger foundation and gains more recognition. Therefore, while SHIB may not have reached extreme highs right now, this strategy will certainly enhance its long-term appeal.