After a Prolonged Downtrend, Shiba Inu (SHIB) Shows Early Signs of Recovery

Shiba Inu (SHIB), one of the most popular meme coins, has seen wild price swings in the past, but its dream target of $1 per token remains a far-fetched milestone.

Shiba Inu (SHIB) price has been the subject of much speculation, especially regarding its chances of hitting $1 in the next 30 days. This popular meme coin has seen wild price swings in the past, and at its current price of $0.00001279, it would need an astronomical rally to reach $1.

As traders and investors continue to buzz about the possibility of a parabolic surge in the second-largest meme coin, several factors would need to align perfectly for SHIB to defy expectations and reach $1. This scenario would require an unprecedented price increase of over 7,800,000% from its starting point.

For instance, a massive burn mechanism would have to be implemented, drastically reducing the token’s circulating supply. Currently, Shiba Inu’s supply sits at nearly 589 trillion tokens, which makes a $1 valuation impossible unless the supply shrinks dramatically.

Moreover, we would need to see an intervention from major institutions, leading to significant adoption of SHIB. This institutional interest would need to be accompanied by hype among retail traders, who would be pouring into exchanges to buy the token in a frenzy.

Only with this combination of factors could we see the kind of exponential demand required to propel Shiba Inu to $1 within 30 days.

Shiba Inu price prediction: what would it take for Shiba Inu to hit $1?

For the price of Shiba Inu to reach $1 in the next 30 days, we would need to see an astronomical rally, to say the least.

At the time of writing, Shiba Inu is trading at $0.00001279. For it to reach $1, it would need to increase in price by 7,800,000%. To put that into perspective, no major asset in history has seen that level of price explosion in such a short time frame.

We’re talking about a token that would need to rise in price by at least 50-100% every single day for 30 days straight. In doing so, we could see SHIB go from $0.00001 to $1 in a month’s time.

Of course, for this to even be a possibility, several factors would need to align perfectly. We would need to see a massive burn mechanism implemented, drastically reducing the token’s circulating supply.

As it stands now, SHIB has a circulating supply of 589 trillion tokens. For the price to reach $1, we would need to see the supply drop to around 500 billion. This means that 99.9% of the current supply would need to be burned.

We would also need to see interest from major institutions, leading to significant adoption of the SHIB token. This would be crucial in driving up the price to levels that we’re considering.

Finally, we’d need hype among retail traders, who would be pouring into exchanges to buy the token in a frenzy. This would be the icing on the cake, completing the perfect storm for a parabolic price surge.

Of course, this scenario is highly improbable, to say the least. Even in previous bull runs, Shiba Inu’s biggest surge saw it increase by a few thousand percent over months, not millions of percent in a few weeks.

While long-term holders may still dream of this milestone, in the next 30 days, the likelihood of SHIB reaching $1 is virtually zero.

Can SHIB see a short-term breakout instead?

While $1 is completely unrealistic, there’s still potential for Shiba Inu price to rally in the short term, given its current price structure.

After weeks of downward pressure, SHIB price is now attempting to hold support around $0.000012, and if buyers manage to regain confidence, a breakout toward $0.00002 or even $0.00003 could be in the cards.

The RSI at 39.85 suggests that selling pressure has weakened, and SHIB could soon enter a recovery phase. The MACD line is also flattening, which indicates that bearish momentum is losing strength.

If SHIB manages to reclaim $0.000014-$0.000015, this could confirm the start of a trend reversal. This scenario would also depend on Bitcoin’s price action, as a deep selloff could quickly stall any gains for Shiba Inu.

If Bitcoin and the overall crypto market recovers in the coming weeks, we could see SHIB benefitting from positive sentiment, leading to a 50-100% gain in the short term.

However, for a bigger breakout, we would need to see massive whale accumulation, fibnalyzed in the change in the structure of the market, leading to a