Against the backdrop of bullish market dynamics, Shiba Inu coin has once again nabbed considerable investor attention as the week closes. Notably, SHIB price remains poised for a 2021-like parabolic rally ahead, primarily attributable to recent ecosystem developments. While the SHIB burn mechanism continues to drastically shred the token supply, rising Shibarium activity, and the latest ecosystem developments have brought significant market optimism toward the crypto.

Market watchers speculate whether the dog-themed meme token is ready for a 2021-like parabolic rally, with a potential $1 price target looming over the horizon.

Shiba Inu Coin Burn Rockets Amid Rising Shibarium Activity

Notably, this week proves highly optimistic for the Shiba Inu coin, as Shibburn data on X indicated a 920% surge in the weekly token burn rate. With 320 million coins burnt in the past seven days, the coin’s market supply took a considerable hit. At press time, the total supply was recorded as 589.26 trillion SHIB.

Simultaneously, it’s also worth mentioning that the intraday burn data by Shibburn showed a 367% surge, with 11 million coins destroyed. Altogether, the massive burning chronicle has prompted bullish market sentiments for the coin, mirroring the law of supply and demand.

Additionally, SHIB marketing lead Lucie took to X on October 19, highlighting a remarkable surge in Shibarium activity. As per Lucie, new transactions on the network neared the 30K mark, whereas the number of contracts also topped the 18.2K mark in October from 17.8K in late September. This surge underscores remarkable growth for the Shiba Inu Layer 2 blockchain.

Overall, recent stats, underlining bullish metrics, have reverberated optimism for the leading dog-themed meme coin across the globe.

Is 2021-Like Parabolic Rally to $1 Possible?

Meanwhile, it’s worth noting that in 2021, Shiba Inu price saw an extraordinary surge of 45000% between January and May. After a notable correction, the coin price offered another 1500% jump to mark an all-time high of $0.00008845 in October. Crypto market enthusiasts speculate whether a similar rally is possible this year in light of recent market events.

At the time of reporting, SHIB price traded at $0.00001936, up nearly 3% intraday. The coin’s intraday low and high were recorded as $0.00001851 and $0.00001948, respectively. The meme coin’s rising trajectory falls in line with the abovementioned burn rate surge and Shibarium growth. Further, Coinglass data indicated a 5% increase in SHIB’s futures OI to $63 million today, underlining increased investor interest in the asset. This has further sparked optimism about the coin’s future action.

Simultaneously, a recent SHIB price analysis by CoinGape Media reveals that the crypto could hit $1 ahead in light of the broader meme coin sector frenzy and SHIB ecosystem developments. Notably, the upcoming Shib DAO Foundation launch, among many other developments, hints that a potential $1 price target for the Shiba Inu coin lies ahead.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.