Shiba Inu burn rate soars 900% over a week sparking optimism.Rising Shibarium activity underscores remarkable growth for the meme coin.SHIB price spikes, with investors anticipating a potential $1 price target ahead.
Against the backdrop of bullish market dynamics, Shiba Inu (SHIB) has once again nabbed considerable investor attention as the week closes. Notably, The Shiba Inu price remains poised for a 2021-like parabolic rally ahead, primarily attributable to recent ecosystem developments. While the SHIB burn mechanism continues to drastically shred the token supply, rising Shibarium activity and the latest ecosystem developments have brought significant market optimism toward the crypto.
Market watchers speculate whether the dog-themed meme token is ready for a 2021-like parabolic rally, with a potential $1 price target looming over the horizon.
Shiba Inu Price Eyes $1 As Burn Rate Surges
Notably, this week proves highly optimistic for the Shiba Inu price, as Shibburn data on X indicated a 920% surge in SHIBâs weekly token burn rate. With 320 million coins burnt in the past seven days, the coinâs market supply took a considerable hit. At press time, the total supply was recorded as 589.26 trillion SHIB.
Simultaneously, itâs also worth mentioning that the intraday burn data by Shibburn showed a 367% surge, with 11 million coins destroyed. Altogether, the massive burning chronicle has prompted bullish market sentiments for the Shiba Inu price, mirroring the law of supply and demand.
Additionally, SHIB marketing lead Lucie took to X on October 19, highlighting a remarkable surge in Shibarium activity. As per Lucie, new transactions on the network neared the 30K mark, whereas the number of contracts also topped the 18.2K mark in October from 17.8K in late September. This surge underscores remarkable growth for the Shiba Inu Layer 2 blockchain.
Is 2021-Like Parabolic Rally to $1 Possible?
Meanwhile, itâs worth noting that in 2021, the Shiba Inu price saw an extraordinary surge of 45000% between January and May. After a notable correction, the coin price offered another 1500% jump to mark an all-time high of $0.00008845 in October. Crypto market enthusiasts speculate whether a similar rally is possible this year in light of recent market events.
At the time of reporting, $SHIB price traded at $0.00001862, down in the last 24 hours. The coinâs intraday low and high were recorded as $0.00001851 and $0.00001948, respectively. The meme coinâs rising trajectory aligns with the abovementioned burn rate surge and Shibarium growth. Further, Coinglass data indicated a 5% increase in SHIBâs futures OI to $63 million today, underlining increased investor interest in the asset. This has further sparked optimism about the coinâs future price action.
Simultaneously, a recent SHIB price analysis by CoinGape Media reveals that the crypto could hit $1 ahead in light of the broader meme coin sector frenzy and SHIB ecosystem developments. Notably, the upcoming Shib DAO Foundation launch, among many other developments, hints that a potential $1 price target for the Shiba Inu coin lies ahead.
Lastly, the teamâs vision also paints a bullish picture for the Shiba Inu price. Lucie mentioned in an X post that the goal is for SHIB to be like Coca-Cola or Apple in the sense that it becomes one of the most recognizable brands in the world.
