Shiba Inu (SHIB) reaching $1 seems highly unlikely due to its massive circulating supply of 589 trillion tokens. If SHIB were to hit $1, its market capitalization would skyrocket to $589 trillion, which is impractical considering the global GDP is just over $100 trillion.
*Key Challenges:*
- *Large Supply*: SHIB's enormous supply makes significant price hikes difficult.
- *Token Burns*: Reducing supply through burns could help increase value, but would require substantial amounts of tokens to be burned.
- *Utility Development*: Creating more use cases for SHIB could positively impact its price.
*Potential Price Milestones:*
- $0.01: Theoretically possible but still challenging, requiring sustained positive market performance.
- $0.001: More feasible, with CoinCodex predicting a potential increase to $0.00005384 by August 2025.
- *Long-term Projections*: SHIB could reach $0.0001971 by 2030, representing a 59% increase from current prices.
*Current Market Situation:*
- *Breakout Confirmed*: SHIB has broken out of a descending wedge pattern, indicating potential trend reversal.
- *Resistance Levels*: Immediate resistance at $0.00001504 and key resistance at $0.00001560.
- *Support Levels*: Critical support at $0.00001078 and immediate support at $0.00001280-$0.00001193.
