The main purpose of this paper is the analytical study of self-shrinker solutions of the one-dimensional Landau-Lifshitz-Gilbert equation (LLG), a model describing the dynamics for the spin in ferromagnetic materials. We show that there is a unique smooth family of backward self-similar solutions to the LLG equation, up to symmetries, and we establish their asymptotics. Moreover, we obtain that in the presence of damping, the trajectories of the self-similar profiles converge to great circles on the sphere, at an exponential rate. In particular, the results presented in this paper provide examples of blow-up in finite time, where the singularity develops due to rapid oscillations forming limit circles.