The price of Shiba Inu has the potential to skyrocket to a new all-time high if it follows the path of Bitcoin, in the event that the premier cryptocurrency reaches the $1 million target.
As the first and largest cryptocurrency, Bitcoin often sets the tone for the broader crypto market. In previous bull markets, Bitcoin’s price surge to new highs has been followed by similar movements in the rest of the market.
Market analysts anticipate a similar pattern in this cycle, with the altcoin season (a period when other assets outperform Bitcoin) expected to occur shortly after Bitcoin reaches its peak for the current cycle. However, determining this peak is challenging as opinions among market analysts vary.
Bitcoin has already surpassed the previous cycle’s all-time high, reaching a new high above $73,000 on March 14. Despite this achievement, analysts predict that the price will continue to rise in this cycle. Industry experts such as Galaxy Digital CEO Mike Novogratz and “Rich Dad Poor Dad” author Robert Kiyosaki foresee Bitcoin reaching $100,000. Binance CEO Richard Teng and Standard Chartered expect a price of $150,000, while market veteran Raoul Pal sets a target of $250,000. Cathie Wood’s Ark Invest predicts an ambitious $1 million target within the next six years, and former Twitter CEO Jack Dorsey also believes Bitcoin will reach $1 million.
While reaching $1 million remains speculative, it is within the realm of possibility. Such a rally could have a positive impact on other crypto assets, including Shiba Inu. Although the two assets do not move in a strictly correlated manner, it is possible to make an educated guess by considering several key factors.
At the time of reporting, Bitcoin’s market cap is $1.354 trillion. If Bitcoin’s price were to reach $1 million, its market cap would increase to approximately $19.7 trillion, assuming a supply of 19.7 million BTC. This represents a 1,354% increase in Bitcoin’s market cap.
If Shiba Inu were to mirror Bitcoin’s market cap growth proportionally, its market capitalization could also increase by 1,354%. Currently, Shiba Inu’s market cap is around $14.3 billion. A proportional increase would raise it to an impressive $208 billion.
Based on the projected market cap, we can estimate the potential price of Shiba Inu. Currently, SHIB is trading at around $0.000024, with a total supply of approximately 589 trillion tokens. If its market cap were to reach $208 billion, the price per SHIB would adjust to $0.0003531.
It is important to note that these projections are highly speculative due to the volatile nature of the crypto market. Various factors, including technological advancements, regulatory changes, and market sentiment, can influence price movements. Additionally, SHIB may move independently due to its own developments.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.