Can the Shiba Inu Coin (SHIB) price see a parabolic rise similar to 2021 to reach $1?

Amid bullish market sentiment, the Shiba Inu token has once again attracted the attention of many investors at the end of this week. Notably, SHIB’s price has the potential to see a 2021-like parabolic rise in the future due to recent ecosystem developments. SHIB’s burn mechanism continues to significantly reduce the supply of tokens, while the increase in Shibarium activities and the latest ecosystem developments have brought huge market optimism to this cryptocurrency.

Market observers are speculating whether the dog-themed meme token is ready for a parabolic rise similar to 2021, and its potential target price of $1 may be imminent.

Shiba Inu Coin Burn Rate Accelerates as Shibarium Activities Rise

Notably, this week has been very bullish for the Shiba Inu token as Shibburn data on X shows a 920% surge in the weekly token burn rate. Over the past seven days, 320 million tokens have been destroyed, which has had a significant impact on the market supply of the token. At press time, the total supply is recorded at 589.26 trillion SHIB.

Meanwhile, it is worth mentioning that Shibburn’s intraday destruction data shows a 367% surge in destruction, with 11 million tokens destroyed. All in all, the massive destruction record has fueled bullish sentiment towards the token, reflecting the law of supply and demand.

Moreover, Lucie, SHIB’s head of marketing, who joined X on October 19, highlighted the significant growth in Shibarium activity. According to Lucie, new transactions on the network are approaching the 30K mark, while the number of contracts has also grown from 17.8K at the end of September to 18.2K in October. This surge highlights the significant growth of the Shiba Inu Layer 2 blockchain.

Overall, recent statistics highlight bullish indicators, bringing optimism to the world’s leading dog-themed meme coin.

Is a parabolic rally to $1 in 2021 possible?

Meanwhile, it is worth noting that between January and May 2021, Shiba Inu coin saw a staggering 45,000% surge in price. After a significant correction, the token price rose another 1,500% to reach an all-time high of $0.00008845 in October.