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Sujit Kumar
Dec 5, 2024
by Sujit Kumar

Can Shiba Inu (SHIB) Reach $1? Key Trends and Insights

SHIBA INU

Table of contents

  1. Supply and Market Dynamics
  2. The Outlook for SHIB
The idea of Shiba Inu (SHIB) reaching $1 has sparked debates in the crypto world. With Ripple (XRP) crossing the $1 mark and Dogecoin (DOGE) inching closer, some wonder if SHIB could follow suit. However, SHIB's total supply of 590 trillion tokens makes this milestone unlikely. A $1 value would imply a market capitalization of $590 trillion—far exceeding the current global wealth of $454 trillion.

Breakout Potential and Growth Targets

Despite the unlikelihood of reaching $1, SHIB has significant growth potential. Following XRP's 4x rally after its breakout, SHIB appears poised for a similar move, nearing a breakout from its 4-year compression range. Analysts predict a breakout target of $0.000114, representing a 265% gain. Medium-term targets include $0.000065, aligning with early 2024 highs.

The weekly RSI suggests a strong but sustainable trend, with historical data indicating room for further growth. Previous local tops occurred when the RSI exceeded 80, a level SHIB has not yet reached.

Supply and Market Dynamics

SHIB’s supply on exchanges has decreased significantly since its 2021 peak, dropping from 220 trillion to 144 trillion tokens. This decline in selling pressure supports further price increases. Additionally, active addresses have spiked, signaling rising interest, though they remain below 2021 and early 2024 levels.

The Outlook for SHIB

While $1 may remain out of reach, SHIB's technical indicators and supply trends suggest considerable upside potential. A 265% rally is within grasp if demand continues to rise and breakout patterns play out as expected.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Shiba-Inu SHIB
Can Shiba Inu (SHIB) Reach $1? Key Trends and Insights
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.