Will Shiba Inu coin reach $1? Why $590T market cap is unlikely

Will Shiba Inu coin reach $1? It seemed highly unlikely, given its total market supply.
But +200% gains could be likely if it breaks from the 4-year range.

As a researcher who has been following the cryptocurrency market for over a decade now, I must admit that predicting specific prices is like trying to catch a greased pig in a dark room – it’s more about luck than science! However, when it comes to Shiba Inu [SHIB], my personal opinion leans towards the possibility of significant gains rather than reaching $1.

There’s been quite a bit of chatter about whether the value of Shiba Inu [SHIB] could reach or even surpass a dollar. Ripple [XRP] has already breached the $1 mark, and many analysts are optimistic that Dogecoin [DOGE] will also achieve this significant milestone.

It’s quite improbable for Shiba Inu (SHIB) to reach the values of those coins due to its massive supply in comparison to global wealth. With a total supply of approximately $590 trillion, achieving a $1 value for SHIB would equate to an astronomical sum.

By the year 2024, the world’s total wealth was estimated to be worth approximately $454 trillion. It appeared quite improbable for a memecoin to outsize global wealth in terms of market capitalization. Yet, Shiba Inu (SHIB) might reach significant heights if it mirrors the breakout trend set by XRP.

Will Shiba Inu coin reach $1?

After surpassing its 3-year consolidation triangle, XRP experienced a 4-fold surge. Similarly, Shiba Inu (SHIB) showed signs of breaking free from its 4-year consolidation zone.

If indeed, the predicted objective for the breakout, according to the triangle pattern, is approximately $0.000114, representing a potential increase of around 265%. Yet, in the mid-term, the anticipated highs for this breakout rally are expected to reach levels comparable to early 2024 and $0.000065.

Each week, the Relative Strength Index (RSI) approached the overbought zone, indicating a robust trend without signs of excessive heating up.

In simpler terms, Shiba Inu (SHIB) reached its highest points within our local region during 2021 and the start of 2024. During these periods, the Relative Strength Index (RSI), calculated weekly, surpassed 80. This suggests that SHIB still had room for further growth, considering past patterns.

SHIB supply dynamics

As a crypto investor, I found it intriguing that the overall market supply level hinted at potential growth for SHIB. According to Santiment’s analysis, the supply of SHIB didn’t trigger the same selling pressure (red) as seen during the peak of 2021 (around 220 trillion SHIB), suggesting there might be more room for this token to climb.

Starting from 2021, the exchange-listed Shiba Inu coins (supply) have reduced to approximately 144 trillion SHIB. Given that there’s been no increase in this supply, Shiba Inu has a greater opportunity for growth.

Read Shiba Inu [SHIB] Price Prediction 2024-2025

As a result, there was a noticeable surge in popularity for the memecoin, which became evident through an increase in active user accounts (represented by white spikes).

Yet, as of now, it hadn’t surpassed the user numbers seen in early 2024 or 2021. A significant rise in the number of users might suggest growing interest and potentially influence the price trend of SHIB.

2024-12-05 07:35

Will Shiba Inu coin reach $1?

SHIB supply dynamics

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