Can Shiba Inu Price Surge to $1?

The cryptocurrency industry has demonstrated that anything can happen. Bitcoin has moved from less than $1 in 2009 to over $109,200 earlier this year.

Shiba Inu coin price has crashed by more than 50% from its highest level in 2024, which is a sharp decline considering that it had risen by over 1,000% earlier this year. The coin’s daily trading volume and futures open interest have dropped sharply in the past few weeks, which is a sign of weaker momentum. Still, some SHIB holders believe that the coin can rebound and hit the important resistance at $1.

Shiba Inu price soared to an all-time high of about $0.000088 in 2024, which was a remarkable gain considering that it started the year at about $0.00001. As a meme coin, SHIB has no inherent value and its price is mostly driven by hype and speculation.

After hitting a record high, the coin has crashed sharply and is now trading at about $0.000016, which is a decline of over 80% from its ATH. This sharp decline has led to losses of billions of dollars for crypto investors, who had hoped for a bigger return from the second-biggest meme coin in the world.

Can Shiba Inu price surge to $1?

The cryptocurrency industry has shown over the years that anything is possible. Bitcoin, for example, has moved from less than $1 in 2009 to a high of over $109,200 earlier this year. In recent times, we have also seen the Mantra token soar to a high of $6.5 from a low of about $0.1 last year.

As a meme coin, there are some Shiba Inu holders that believe the coin can easily rebound and hit the resistance at $1. This would be a big deal for the coin considering that it will have to surge by over 9,000,000% from the current level.

Shiba Inu has a circulating supply of over 598 trillion and a current market capitalization of over $9.8 billion, making it the second-biggest meme coin in the cryptocurrency industry. As such, a move from the current $0.000016 to $1, without considering its burn rate, will push its market cap to over $589 trillion.

This is a huge number considering that the world’s Gross Domestic Product (GDP) is about $105 trillion. Therefore, this astronomical number makes it highly unlikely for Shiba Inu price to hit $1 in the long term.

Shiba Inu coin price long-term outlook

The weekly chart shows that Shiba Inu price will likely continue rising in the long term. It crashed to a low of $0.0000115 last week, which was a remarkable level considering that it was the lowest swing since May 2021.

Shiba Inu has also managed to create a doji candlestick pattern, which is usually characterized by a small body and lower and higher shadows. This is one of the most bullish candlestick patterns in the financial markets.

There is a likelihood that Shiba Inu bottomed out at $0.00001140, whose neckline is at $0.00003325. A double-bottom is a common bullish chart pattern, which is used to identify potential turning points.

Therefore, SHIB coin price will likely rebound as bullish traders aim for the 50% Fibonacci Retracement level at $0.00004710, which is about 176% above the current level. A move above that level will then see the coin soar to a record high of $0.000088, up by 420% from the current level. However, a drop below the support at $0.00001140 will invalidate the bullish outlook.