Shiba Inu (SHIB) Reaching the $1 Price Target Is Highly Unlikely

The prospect of Shiba Inu (SHIB) attaining the lofty $1 mark has captured the imaginations of many in the crypto world.

A top analyst on TradingView has shared his take on why he doesn't see Shiba Inu (SHIB) hitting $1, despite claims from other analysts.

He shared key insights and technical analysis that raise questions about the feasibility of SHIB reaching such a lofty price target.

One of the major reasons why Shiba Inu reaching $1 is highly unlikely is the resulting massive market cap, given the coin’s supply. According to the analyst, for SHIB to hit $1 per coin, its market capitalization would need to reach an astronomical $589 trillion.

For context, the total market cap of gold, the most valuable asset in the world, is just $19 trillion.

For context, the total market cap of gold, the most valuable asset in the world, is just $19 trillion.

Likewise, Bitcoin, the crypto market leader, has a market cap of $1.66 trillion. The analyst argues that this stark comparison illustrates how unreasonable such a target is, especially when compared to assets with more limited supply or higher utility.

As a result, he emphasizes that claims of SHIB reaching $1 are misleading. In parallel, he suggests that investors look beyond these lofty and unlikely predictions.

Notably, projections arguing for a $1 SHIB price often point to a timeline in the future rather than a near-term expectation. For instance, Telegaon analysts, who have forecasted a $1 price for Shiba Inu, outlined a 2050 timeline.

By this time, they expect Bitcoin’s price to reach $5.2 million per coin, which would mean a $109.45 trillion market cap. Interestingly, this cap still dwarfs the $589 trillion cap for SHIB, especially if its supply doesn't decrease.

Bitcoin Market Impact On SHIB

Before commenting on Shiba Inu’s real potential beyond speculative targets, the analyst scans the state of Bitcoin. He notes that Bitcoin is facing downward pressure with the potential for further decline.

This, coupled with rising Bitcoin dominance, could hurt altcoins like SHIB, as they typically lose value when Bitcoin falls, especially during periods of high dominance. This means potential losses for Shiba Inu holders as the market reacts to Bitcoin’s fluctuations.

Should You Still Buy SHIB? Technical Breakdown

On a more technical level, the analyst identifies the formation of a double-top pattern on SHIB’s weekly chart, a bearish signal. After SHIB reached a December 2024 high of $0.00003279, it failed to break above crucial resistance and retraced to the $0.00001296 support.

The analyst suggests that SHIB could dip to $0.0000067 if the price falls below this key support level of $0.00001296. Indeed, Shiba Inu has lost the $0.00001296 support and has since dipped to $0.00001095, coming close to adding a zero to its value.

Meanwhile, the analyst makes it clear that, personally, he would never invest in Shiba Inu. Despite its adoption, he believes SHIB remains a “meme coin” with little to no real utility.

Instead, the analyst suggests looking for low-cap coins with higher growth potential. For those still interested in trading SHIB, he recommends exiting positions below the $0.00001296 price point to minimize risk.

At press time, Shiba Inu is trading at $0.00001282, down 13% over the last 30 days. Its year-to-date performance is even worse, showing a massive 40% loss.