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Shiba Inu’s total supply has increased from the numbers as of its ATH.
BONE opined that hitting the $1 market would need several inputs from related tokens and the Shiba Inu L2.
A few years ago, a large part of the crypto community were stockpiling memes as cryptocurrencies like Shiba Inu [SHIB] became mainstream and produced several millionaires with no knowledge of the ecosystem. Despite the impressive performance at the time, the token seems to have lost its streak of luck.
How much are 1,10,100 SHIBs worth today?
This has led the price to plunge massively, much to the detriment of holders. Nonetheless, several investors who have become faithful to the project opine that the drop in price is only a drawback for another round of exponential growth. This then begs the question — will Shiba Inu reach $1?SHIB could be ready for a rerun
Well, in the crypto market, “impossible is nothing” is something that participants have familiarized themselves with. However, that is not to say that SHIB hitting $1 is programmed despite having some upside potential, especially as its closest rival, Dogecoin [DOGE] had hit the feat several times.
At the time of this writing, the Shiba Inu token price was $0.0000086. To reach $1, SHI would need an incredible 116.279x. But considering its current market capitalization, and circulation supply, this could be an incredibly herculean task.
However, as mentioned earlier, the crypto market is filled with surprises. And for a token that has surged over 8,000,000%, a repeat should not be written off. But this would also require that only a select few dump the token, and an influx of new holders join the ecosystem.Unswerving loyalty from holders
According to Santiment, SHIB’s supply outside of exchanges had crossed 911 trillion. Compared to 2023, this was a far higher number. However, data from the on-chain analytic platform revealed that the number had stabilized in the last 30 days.
Thus, this implies that a lot of investors were sticking to the token for the long term instead of keeping it on exchanges which could affect selling off.
And in a sequel, could better the bullish strain that SHIB holders are enthusiastic about. Furthermore, the total number of holders had also increased to 1.3 million.
Based on the daily chart, there was no downward crossover of the 50 EMA (yellow) against the 200 EMA (orange). If there has been a death cross, then it would have signaled the end of an uptrend. But since there was none, it means that Shiba Inu’s upside potential remains intact.
In terms of the Chaikin Money Flow (CMF), the chart revealed that it was up at 0.05. The indicator serves as a volume-weighted average of the distribution and accumulation of an asset. Thus, the hike implies that SHIB had had a great amount of accumulation.
So, in a situation where the increase multiples, then SHIB’s chances of inching closer to $1 becomes higher.Will Shiba Inu reach $1? BONE and burns have a say
While the token’s attempt to hit the landmark may remain extremely difficult, Shiba Inu has been using the burn mechanism to stabilize its value. In the last seven days, the burn rate has decreased by 36.39%.
The SHIB burn rate objective is to reduce the total supply of the SHIB token by sending them to dead wallets as they become unretrievable.
Hence, a reduction in supply could lead to increased demand in the long term.
— Shibburn (@shibburn) May 21, 2023
According to Shibburn, the total number of burned tokens has crossed 410 trillion since the initial supply. Moreover, the project has been working on utility with the development of the Shibarium L2 network.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
At the time of writing, SHIB was 89.74% down from its All-Time High (ATH). However, the official handle of Bone ShibaSwap [BONE] pointed out in February that the token could hit the milestone.
However, it gave conditions including maximum support for the burn activity, Shibarium, and tokens operating under the Shiba Inu ecosystem.
— Bone ShibaSwap (@BoneShiba) February 12, 2023
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