Shiba Inu Price Forecast – How Could Shiba Inu Reach the $1 Mark In The Next Bullrun?

It’s safe to say that Shiba Inu (SHIB) has already transcended its meme coin status, becoming a legitimate project that boasts a vast ecosystem and is still capable of yielding massive returns.

Shiba Inu (SHIB) has experienced another day of significant price movement, surging by 10.5%. This surge brought SHIB’s price to around $0.0000273 at the time of writing.

The last 24 hours also saw a substantial 121% increase in trading volume for SHIB, with about $3.2 billion worth of the meme coin being traded on exchanges.

Shiba Inu’s price has now surged by over 35% in the last seven days, and it’s up by more than 1,000% since the start of 2023. But despite this impressive performance, SHIB is still down by around 85% from its all-time high.

Could Shiba Inu Reach $1 In The Next Bullrun?

With the next Bitcoin (BTC) halving cycle approaching and anticipation for the bull run that usually follows rising, many are speculating on the possibility of SHIB reaching the $1 milestone.

While it’s certainly achievable for BTC and even Dogecoin (DOGE) to reach $1, the same cannot be said for SHIB, at least not without drastic measures being taken.

At its current price, SHIB would require a 30,000x multiplier to reach $1, which is highly unlikely given its market cap of $16 billion.

However, there is a chance for SHIB to reach higher price points if its burn mechanism, Shibburn, is utilized to a greater extent. This mechanism involves systematically reducing the circulating supply of SHIB.

Currently, millions of SHIB tokens are being burned daily, but to get close to the $1 mark, this number will need to increase into the billions or even trillions.

Shiba Inu Burns Slowing Down – Here’s Why

As highlighted by a recent analysis from U.Today, SHIB burns have slowed down considerably in recent times.

Over the last seven days, only 11 transactions have burned a total of 100 million SHIB tokens, which is significantly lower than the billions of tokens that were being burned earlier this year.

Several factors may have contributed to this slowdown, including the recent market downturn and the pausing of SHIB burns by major exchanges like Binance.

Additionally, the community’s enthusiasm for burning SHIB may have waned somewhat as the token price has risen substantially in recent months.

Despite the slowdown, SHIB burns are still occurring, albeit at a reduced pace. And with the community’s continued efforts to drive up the token price, it’s possible that we could see an increase in burn activity and, subsequently, higher price targets for SHIB in the future.