Shiba Inu’s price is gaining momentum, climbing over 2% today to reach $0.00001812. This recent price rally has been fueled by growing market confidence, with SHIB’s trading volume spiking 31% to $319.74 million. Investors are keeping a close eye on the meme coin, with analysts pointing to several factors behind this upward trend. Advertisement

Moreover, Shiba Inu (SHIB) is showing strong signs of recovery as the cryptocurrency market gains momentum. With the broader market bouncing back, SHIB stands out in the meme coin sector with promising growth potential. A further rise in Bitcoin’s price could help push SHIB back to its previous highs, while positive sentiment across the crypto space may lead to significant gains. Plus, the rise of other top cryptos like Solana, Binance Coin, XRP, and Cardano could create favorable conditions for SHIB to aim for the $1 mark, a key milestone for the token. Can Shiba Inu reach $1, and when? Let’s explore the possibilities. Burn Rate Explosion Sparks Optimism One of the major drivers behind SHIB’s price rise is the unprecedented 14,575% spike in its burn rate. In the last 24 hours, over 279 million SHIB tokens were removed from circulation, significantly reducing supply. The surge in burns is highlighted by a single wallet, “0xa9d…d3e43,” which burned 277.58 million SHIB tokens alone. This burn activity has boosted investor sentiment, as reduced supply often leads to upward price pressure. SHIB Price Predcition The burn frenzy, combined with increased whale activity and rising open interest, suggests Shiba Inu may have the potential for even greater gains. Market analysts are now speculating whether SHIB could break through to the $1 mark, with many believing that a continued burn rate and strong buying interest could make this a reality soon.  On the flip side, launched with one quadrillion tokens, even if SHIB reached $1, it could theoretically pay off the entire U.S. national debt nearly 29 times. Currently, there are about 589.27 trillion SHIB tokens left after significant burns, so, at $1, it could still cover the debt 17 times. With a market cap of $9.57 billion, SHIB would need to skyrocket to nearly $600 trillion to reach that price.  For example, Bitcoin’s market cap is about $1.3 trillion, meaning SHIB’s market cap would need to be 460 times higher than Bitcoin’s or nearly 250 times the entire cryptocurrency market’s value. Do you think this rally will last and SHIB will create a historic moment? Tell us your thoughts!

Tags Memecoin