The price of Shiba Inu could reach unprecedented heights if it captures just 10% of Bitcoin’s current market cap, according to experts in the crypto market.
Despite the recent volatility and sluggish growth in the broader crypto market, Shiba Inu has struggled to regain its yearly high above $0.000045. Currently, SHIB is trading at $0.00002434, representing a 1.77% decrease in the last 24 hours and a 4.31% decrease in the past month. This means that Shiba Inu has experienced a significant drop of almost 46% from its peak this year.
However, despite the current turbulence, many market watchers are optimistic about an upcoming price rally. They believe that the second round of upswings in the ongoing bull market could propel SHIB to new and unprecedented levels. That being said, some targets, such as reaching $0.05, have been dismissed as unrealistic.
One of the major challenges in achieving these ambitious targets is Shiba Inu’s extensive circulating supply. With a staggering 589 trillion tokens in circulation, Shiba Inu would need a substantial increase in demand or a significant reduction in its supply to reach these targets.
Without either of these actions, these ambitious price targets would result in unrealistic market caps for SHIB. For example, a price of $0.05 would give Shiba Inu a market valuation of $29.4 trillion, surpassing the combined market cap of Gold, Microsoft, Apple, Nvidia, and Alphabet (Google) and making it the world’s largest asset.
To put things into perspective, The Crypto Basic assessed what Shiba Inu’s price would look like if it achieved a more feasible market cap of 10% of Bitcoin’s current valuation. As of now, Bitcoin has a market capitalization of $1.353 trillion, making it the ninth-largest asset globally. If SHIB were to reach 10% of this valuation, its market cap would be $135.4 billion, which is still significantly lower than Ethereum’s current market cap of $461.1 billion.
If Shiba Inu were to achieve this market cap, its price per coin would experience a significant surge. Assuming a stable circulating supply of 589 trillion tokens, a market cap of $135.4 billion would result in a price of $0.0002298 for Shiba Inu, representing an impressive 844% increase from its current price.
It’s worth noting that this target for Shiba Inu is entirely achievable, especially considering its ability to undergo massive price surges in the current bull run. The Crypto Basic predicted that SHIB could realistically reach $0.0002 if it follows a similar trajectory to the previous bull run. However, despite its feasibility, it remains uncertain whether Shiba Inu will indeed reach this price.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic cannot be held responsible for any financial losses incurred.