If there’s one complaint the typical crypto investor would have about Shiba Inu (SHIB-USD), it’s probably the project’s huge total supply. There are hundreds of trillions of the tokens in existence and many believe that could be just what is holding its price down. But now, with developers starting to embrace token burning at a larger scale, SHIB prices could be sent on the rise very soon. As such, investors are taking a deep interest in Shiba Inu price predictions.
Supply weighs heavily on the decision of a fundamentalist crypto investor. It can greatly influence whether a project gets an investor’s money or not. And for Shiba Inu, the 1 quadrillion token supply it launched with was far too much. Unfathomable to visualize, the volume is thousands of times larger than Bitcoin’s (BTC-USD) volume. Even after gifting half of the total supply to Ethereum (ETH-USD) co-founder Vitalik Buterin — most of which was burned — the project has a supply of over 500 trillion.
However, things appear to be rapidly changing for the project. SHIB community members have been taking it upon themselves to burn the token in their own ways. These users usually provide some sort of good or service in exchange for SHIB. The vendors then burn much of the tokens by sending them to the project’s official burn wallet. This makes them inaccessible to even the project’s developers.
Now on Monday, a company called Bigger Entertainment will be conducting one of the largest SHIB burns yet. It is doing this by selling SHIB merchandise; users can buy merch with SHIB and Bigger will send 80% of the profits to the burn address.
Shiba Inu Price Predictions Heat Up with Incoming Burn
SHIB has a lot to look forward to in the coming months. On top of this token burn, developers will be rolling out the project’s own metaverse space in 2022. These events add up to some surefire catalysts for the crypto.
With that being said, just how high can SHIB go over the next year? Let’s take a look at some Shiba Inu price predictions and see what analysts are thinking:
- Coin Price Forecast sees the token doubling in price through the end of 2022. The site is forecasting a December price of $0.00006 for SHIB.
- DigitalCoin is less bullish, expecting SHIB to post an end-of-year price of $0.00004.
- WalletInvestor, like CoinPriceForecast, expects the token’s value to double. However, it predicts this won’t happen until February 2023.
- Gov Capital is quite a bit more bullish than the pack, expecting the token to nearly triple in value over the next 12 months. The site’s February 2023 prediction clocks in at $0.00011.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
