Shiba Inu price could record substantial growth if it captures the market cap of Bitcoin (BTC), the largest crypto asset.
The market has not been completely fair to Shiba Inu, with prices witnessing a tumble after the latest gains. At its current price, SHIB is down 7.57% from the May 16 high at $0.00002588. Notably, this downward pressure has kept it below the yearly peak of $0.000045 as selloffs continue to pile up.
SHIB Faces Selloffs
The Accumulation/Distribution indicator confirms this persistent selloff campaign. This metric spiked to a daily peak of 35.293 trillion SHIB on May 3, right before Shiba Inu clinched the $0.00002632 high the next day. The spike in the Accumulation/Distribution metric suggested that more investors were buying more SHIB than selling.
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Shiba Inu Accumulation Distribution Metric
However, after reaching the 35.293 trillion
Shiba Inu
high, the metric has continued to decline, currently sitting at 16.707 trillion SHIB. This has been a result of a surge in selloffs, as market participants troop to offload their tokens at breakeven upon the latest rally. The ensuing downtrend has also impacted Shiba Inu’s market cap.
Shiba Inu Price if It Reaches Bitcoin Market Cap
SHIB now has a market cap of $14.08 billion, making it the 11th largest cryptocurrency in the market. The drop in valuation led Shiba Inu’s price to relinquish its spot among the top 10 assets. Meanwhile, Bitcoin, the largest crypto asset by market cap, currently boasts $1.31 trillion, which is 92.7 times the valuation of SHIB.
Shiba Inu’s current market cap is due to its struggling price at $0.00002390. Market analysts have predicted that SHIB will soar to more substantial heights in the foreseeable future. Some of these analysts
expect
Shiba Inu to hit a $0.00051 price. Meanwhile, last month, Lucie, a content specialist,
expressed confidence
in SHIB hitting the $0.01 level.
Most of the individuals that have expressed doubt about some of these price projections have cited SHIB’s circulating supply, which could skyrocket its market cap to unfeasible heights at these prices. As a result, The Crypto Basic recently assessed what Shiba Inu price could realistically be if it captured Bitcoin’s market cap.
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If Shiba Inu commands a market valuation of $1.31 trillion, its price will surge to $0.002217, marking a massive 9,287% gain. At this price, $1,000 invested in Shiba Inu would transform to $92,761. This further demonstrates the magnitude of such a rally. There is little evidence that SHIB could even capture 10% of this valuation.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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