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Shiba Inu (SHIB) has been the talk of the town in the crypto world, and for good reason. With its playful charm and loyal community, SHIB has shown impressive resilience and growth over time. Now, the buzz is louder than ever as analysts point to a rare cup-and-handle pattern forming over three years—a sign of potential bullish momentum. But can SHIB really hit the magic $1 mark in just 30 days? In this Shiba Inu Price Prediction article, we’ll break down the technical signals, market trends, and what this means for SHIB holders. Buckle up; it’s going to be an exciting ride!
How has the Shiba Inu Price Moved Recently?
Shiba Inu (SHIB) price is currently priced at $0.00002857, with a 24-hour trading volume of $1.05 billion, a market capitalization of $16.84 billion, and a market dominance of 0.46%. Over the past 24 hours, SHIB's price has risen by 3.56%.
The token achieved its all-time high of $0.00008819 on October 28, 2021, while its all-time low was recorded on November 28, 2020, at $0.0000000005637. Since its peak, the lowest SHIB price has been $0.000005821 (cycle low), and the highest rebound since that low reached $0.00004501 (cycle high). Current sentiment around SHIB is neutral, and the Fear & Greed Index is showing a reading of 83, indicating extreme greed in the market.
Shiba Inu's circulating supply stands at 589.26 trillion SHIB, close to its maximum supply of 589.74 trillion SHIB. The yearly supply inflation rate is slightly negative at -0.02%, with a decrease of 90.17 billion SHIB in the past year.
Could Shiba Inu (SHIB) Hit $1 in the Next 30 Days?
The idea of Shiba Inu price reaching $1 in the next 30 days is ambitious, but let’s break it down analytically, examining both the technical signals and market dynamics while understanding the immense leap required for such a price milestone.
Prominent crypto analyst “CryptoELITES” has highlighted a cup-and-handle pattern forming on Shiba Inu’s weekly candle chart over three years. This pattern is widely regarded as a strong bullish indicator, often signaling the continuation of an uptrend. According to the analyst, SHIB’s next major price targets are $0.000085171, $0.000183312, and ultimately $0.000472905.
These projections, especially the $0.000472905 target, represent a staggering 1,700% gain from the current SHIB price of $0.0000268. The key trigger for this rally is a potential break above the descending trendline that has acted as resistance since October 2021. The continuation of bullish sentiment in the altcoin market, coupled with decreasing Bitcoin dominance, could drive SHIB closer to these targets.
The analyst ties this potential rally to a collapse in Bitcoin’s dominance, which would allow more capital to flow into altcoins like SHIB. Bitcoin's dominance has recently dropped from 61.53% to 57.17%, suggesting a slow but steady rotation of capital into other crypto assets. If this trend continues, it could provide the fuel SHIB price needs to sustain a significant rally.
However, hitting $1 would require more than a favorable pattern or market conditions. It involves overcoming extreme valuation challenges, as explained below.
At its current price of $0.0000268, for Shiba Inu to reach $1, it would need a price increase of approximately 3,731,343%. To put this in perspective:
SHIB’s current market cap is $16.84 billion. If SHIB were to reach $1 with its current circulating supply of 589.26 trillion tokens, its market cap would balloon to $589.26 trillion. This is roughly five times the GDP of the entire world—an implausible scenario in the current economic environment.
A massive price increase would require a drastic reduction in circulating supply. Even with an aggressive burn rate, achieving a low enough supply to support a $1 price remains highly unlikely within 30 days.
While $1 may not be achievable soon, CryptoELITES' prediction of $0.000472905 is far more realistic and aligns with technical signals. Reaching this target would depend on:
- A sustained bullish momentum in the broader crypto market.
- A sharp decline in Bitcoin dominance, leading to a significant rotation of capital into altcoins.
- Increased community engagement, use cases, and token burns to manage supply.
If these factors align, SHIB could achieve impressive gains in the coming weeks, but a $1 target remains out of reach in the current market dynamics. Instead, investors should focus on achievable milestones and monitor SHIB’s price behavior at key resistance levels, especially around $0.000085171 and $0.000183312.