Shiba Inu (SHIB) has seen significant growth, rising by 249.6% since December 2023, coinciding with Bitcoin's rise over $100,000. The token's substantial total supply of 590 trillion makes reaching a $1 value seem mathematically improbable. However, technical indicators hint at potential gains of up to 265% if SHIB can break out of its four-year compression range.
Notably, SHIB's exchange supply has decreased significantly from 220 trillion to 144 trillion since 2021. This reduction suggests reduced selling pressure, which could support a price breakout. The decreased supply on exchanges indicates stronger holding sentiment among SHIB investors.
Overall, while achieving a $1 value remains a challenge due to the token's massive supply, SHIB's decreasing exchange supply and favorable technical indicators suggest potential for a substantial breakout in its price.
