- The total supply of Shiba Inu has increased compared to the numbers from the ATH.
- BONE believed that reaching the $1 market would require several imports of related tokens and the Shiba Inu L2.
A few years ago, much of the crypto community created memes like cryptocurrencies Shiba Inu [SHIB] became mainstream and spawned several millionaires with no knowledge of the ecosystem. Despite its impressive performance at the time, the token seems to have lost its luck.
How many Worth 1,10,100 SHIBs today?
This has caused the price to plummet, much to the detriment of holders. Nevertheless, several investors who have remained loyal to the project believe the price drop is just a downside to another round of exponential growth. This then begs the question: Will Shiba Inu reach $1?
SHIB could be ready for a repeat
As you probably know, crypto prices are highly speculative. And predicting the future value of a highly volatile asset like SHIB can be subject to multiple factors, including but not limited to macroeconomic factors, acceptance and various market forces. But what are the chances?
Well, in the crypto market, “impossible is nothing” is something participants have become familiar with. However, that’s not to say that SHIB hitting $1 is programmed despite some upside potential, especially if its closest rival, Dogecoin [DOGE] had achieved the feat several times.
At the time of writing, the Shiba Inu token price was $0.0000086. To reach $1, SHI would need an incredible 116,279x. But given the current market cap and circulation supply, this could be an incredibly daunting task.
However, as mentioned earlier, the crypto market is full of surprises. And for a token that is up more than 8,000,000%, a to repeat may not be written off. But this would also require only a select few to dump the token and an influx of new holders to join the ecosystem.
Unwavering loyalty of holders
According to Santiment, SHIBs delivery outside the exchanges had passed 911 trillion. Compared to 2021, this was a much higher number. However, data from the on-chain analytics platform showed that the number had stabilized over the past 30 days.
Source: Sentiment
So this implies that many investors held on to the token for the long term rather than holding it on exchanges, which could affect sales.
And in a sequel it could be better bullish kind that SHIB holders rave about. The total number of holders had also increased to 1.3 million.
Based on the daily chart, there was no downside crossover from the 50 EMA (yellow) against the 200 EMA (orange). Had there been a death cross, it would have signaled the end of an uptrend. But since there wasn’t, it means Shiba Inu’s upside potential remains intact.
In terms of the Chaikin Money Flow (CMF), the chart revealed it was at 0.05. The indicator serves as a volume-weighted average of an asset’s distribution and accumulation. Thus, the rise implies that SHIB had had a large amount of accumulation.
Source: TradingView
So in a situation where the increment is multiples, SHIB’s chances of moving closer to $1 increase.
Will Shiba Inu Reach $1? BONE and burns call the shots
While the token’s attempt to hit the landmark can remain extremely difficult, Shiba Inu used the fire mechanism to stabilize its value. In the past seven days, the burn rate has decreased by 36.39%.
The goal of the SHIB burn rate is to reduce the total supply of the SHIB token by sending them to dead wallets once they become unrecoverable.
A decrease in supply can therefore lead to increased demand in the long term.
HOURLY SHIB UPDATE$SHIB Price: $0.00000873 (1 hour -0.12% ▼ | 24 hours 0.58% ▲ )
Market Cap: $5,147,852,831 (0.63% ▲)
Total supply: 589,357,963,331,766TOKENS BURNED
Last 24 hours: 0 (0% ▲)
Last 7 days: 3,054,599,199 (-36.39% ▼)—Shibburn (@shibburn) May 21, 2023
According to Shibburn, the total number of tokens burned has exceeded 410 trillion since the first delivery. In addition, the project has been working on utility with the development of the Shibarium L2 network.
Read Shiba Inus [SHIB] Price Forecast 2023-24
At the time of writing, SHIB was down 89.74% from its All-Time High (ATH). However, the official handle of Bone Shiba Swap [BONE] pointed out in February that the token could reach the milestone.
However, it gave conditions including maximum support for the fire activity, Shibarium, and tokens that work under the Shiba Inu ecosystem.
#ShibArmy #BoneArmy #Shiba #Gas
The important question is, what if everyone knows the way #Shib can reach 1$ is maximum support of $bot And #shibarium? Because #Shibarium layer2 blockchain is burning $ Shib with every transaction and #bone is the cause of all these works! . . .— Bone ShibaSwap (@BoneShiba) February 12, 2023
