The meme cryptocurrency sector has frequently delivered dramatic, albeit unrealistic, gains for investors due to its extreme volatility. As favored by speculative traders, crypto enthusiasts often wonder if prominent assets like Shiba Inu (SHIB) could reach monumental price targets like $100, $500, or even $1,000.
When Could Shiba Inu Reach $100, $500, or $1000?
By press time, the Shiba Inu price had traded at $0.000018 while boosting its market cap to $10.83 billion. Currently, this meme coin exchange hands way below the $1 mark, and the idea of it hitting $100 or beyond would require an astronomical rise in its market capitalization.
If the SHIB circulating supply remains the same, a rally to $100 would require its market cap to exceed $58.9 trillion. This value is 25.28 times larger than the entire global cryptocurrency market of $2.33 Trillion.
Therefore, achieving a price target of $100, $500, or $1000 would demand overwhelming capital inflow, which seems likely in the coming decades.
Check out the article on top meme coins to buy for a detailed analysis.
What’s the Realistic Target for SHIB
The Shiba Inu price prediction in the daily chart shows a formation of an inverted head and shoulder pattern. The chart setup is characterized by three thoughts, with the middle one extended lower than the other two.
Theoretically, the pattern signals a major trend reversal and provides a target of the same length between the neckline and the bottom peak. The crypto market today shows the Shiba Inu price plunged 4.88% to seek support at $0.000018.
If the support holds, the coin buyers will drive an 11.6% rise to breach the pattern neckline resistance at $0.000012. A successful flip of overhead resistance into potential support will accelerate the bullish momentum and drive a 48% rally to hit $0.00002.
SHIB/USDT -1d Chart
However, if sellers continue to defend the $0.00002 barrier, the SHIB price could have prolonged consolidation in the coming months.
What Needs to Happen for Major Breakthroughs?
The Bitcoin price rise towards $70,000 has restone the Uptober sentiment in the crypto market. Along with broad market recovery, the Shiba Inu price needs the following factors to achieve the aforementioned target.
Aggressive Token Burns: Shiba Inu’s massive circulating supply remains the primary obstacle to price growth. Thus, the SHIB coin needs significant burn events to reduce the market supply and drive a significant recovery trend.
Widespread Adoption: The crypto market is rapidly maturing, and investors are looking for better utility in their investment than just market hype. Shiba Inu needs to expand its real-world use cases, integrate into more decentralized finance (DeFi) ecosystems, and establish strong partnerships with major platforms.
Market Conditions: This dog-theme meme asset would require the support of broader market recovery to drive a sustained recovery. With leading digital assets Bitcoin and Ethereum preparing for a Q4 rally, the SHIB price could break out of the In H&S pattern to escape the 4-month accumulation trend.
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