SHIB Continues To Impress Despite $1 Mark Seeming Unlikely

There has been a lot of buzz lately around whether Shiba Inu (SHIB) could ever hit the $1 mark. With Ripple (XRP) recently crossing that threshold and analysts predicting that Dogecoin (DOGE) could follow suit, many are wondering if SHIB can make a similar leap.

However, reaching $1 for SHIB seems highly unlikely when you consider its enormous market supply compared to global wealth. SHIB has a total supply of a staggering 590 trillion coins, meaning a price of $1 would push its market cap to $590 trillion, far beyond the $454 trillion total global wealth in 2024.

Strong And Steady

The idea of a meme coin surpassing global wealth in market value seems almost impossible. That said, SHIB could still see substantial growth if it follows a trend similar to XRP which saw an impressive fourfold increase after breaking above a three-year compression pattern, and SHIB is showing a comparable trend, nearing the end of its own four-year compression phase.

If SHIB manages to break out, the target price based on its chart pattern would be $0.000114, representing a potential gain of about 265%. More modest mid-term targets could include revisiting early 2024 highs or reaching $0.000065.

Looking at its momentum though, the weekly RSI of SHIB is edging toward overbought territory, signaling that the trend is strong, though not overly stretched. Historically, SHIB has hit local peaks when its RSI has gone above 80, like in 2021 and early 2024, suggesting there is still room for growth based on past performance.

Growing Interest

In terms of supply dynamics, the market conditions are also favorable for SHIB. Santiment data shows that the coin has not yet reached the same selling pressure levels (red zone) it saw at the peak of the 2021 cycle, when supply hit 220 trillion. Today, that selling pressure has decreased to 144 trillion coins, meaning there is less selling pressure and more room for upward movement.

Moreover, interest in SHIB is on the rise, with a noticeable increase in active addresses. While the number of users has not yet matched the highs of early 2024 or 2021, this growing interest could lead to a surge in demand, driving the price even higher. While a $1 SHIB may not be in the cards, there is plenty of reason to believe that Shiba Inu could experience significant growth, especially if the trends continue to unfold in its favor.