Can Shiba Inu Hit $0.01 With Burns As SHIB Rallied 27523% to $0.00003 Without Shibarium Burns

Shiba Inu has the potential to record an impressive bull rally amid the ongoing Shibarium burns, having skyrocketed 27,523% to $0.00003 in 2021 without any burns.

The crypto market is fast slipping into the bull run phase, and some analysts expect impressive rallies from major altcoins. Shiba Inu has captured the attention of the broader community, with multiple projections of an imminent rally amid the bull run.

Market watchers have adjusted these projections to more ambitious targets following SHIB’s recent sudden price spike. The crypto asset rallied by nearly 300% to the $0.000045 top, rejuvenating investor optimism and reigniting predictions of a rally to the $0.01 price level.

While most proponents have dismissed this target as wishful thinking, others point to the current dynamics surrounding the Shiba Inu ecosystem as a possible trigger. These include the growth of the ecosystem, pivotal partnerships, and Shibarium burns. 

The Shibarium burns are an avenue through which the ecosystem team looks to drastically reduce Shiba Inu’s circulating supply, a trend capable of bolstering an upward push in Shiba Inu’s price when mixed with sufficient demand. 

Shiba Inu Rallied 27,563% Without Burns

Due to the importance placed on burns, Shiba Inu enthusiasts have long believed that Ethereum co-founder Vitalik Buterin’s historic 410 trillion token burn was the major catalyst of Shiba Inu’s monumental surge during the 2021 bull run.

However, The Crypto Basic confirmed last September that while Buterin’s burn contributed to the 2021 price surge, it was not the sole catalyst. According to Shibburn, a community-driven burn tracker, demand was one of the factors that catalyzed the price run.

Notably, it bears mentioning that Shiba Inu did record an impressive run even before Buterin’s burn occurred. Notably, as of April 12, 2021, SHIB traded for $0.00000011. Interestingly, the token skyrocketed to a high of $0.00003043 on May 12, 2021.

This upsurge marked a massive 27,563% rally in just a month. Shiba Inu witnessed this impressive price run before Buterin’s burn. The surge also came at a time when there was no burn mechanism, underscoring the asset’s potential for monumental rallies.

Could SHIB Hit $0.01?

Now that Shiba Inu has witnessed periodic burns from community members, ecosystem projects, and Shibarium, market watchers expect it to perform even better. Recall that Shiba Inu developers burned a whopping 13.4 billion SHIB last week.

For now, the Shibarium burns are manual, requiring a minimum of $25,000 accumulated in BONE to trigger a manual burn. With the network allocating 70% of its base transaction fees to burn Shiba Inu, more transactions would result in more burns. However, the ecosystem team already plans to automate the burn process. This would ensure that the network automatically executes burns when the necessary conditions are met.

As these burns continue to pile up, with sufficient contributions from Shibarium, discussions around the $0.01 price goal have resurfaced. For context, SHIB would need to rally 30,688% from its current price of $0.00003248 to reach the $0.01 price.

Components now believe this 30,688% surge in this bull run could be possible, considering Shiba Inu surged 27,53% in the previous bull run without any burns. However, the asset’s supply is its biggest hindrance, as the $0.01 price would lead to a $5.8 trillion at the 589 trillion circulating supply.