Shiba Inu could hit a new all-time high (ATH) and surge to the $0.0005 price territory if it captures Ethereum’s market capitalization.
Shiba Inu is still trying to recover from last month’s losses, which plunged its market cap to a low of $7.5 billion. The token is one of the major beneficiaries of the latest relief rally witnessed across the broader crypto market.
Investors Expectations Soar Amid Recent Price Spike
At the current price of $0.00001923, Shiba Inu is up 4.3% in the past 24 hours and 7.17% in the past week. In addition, Shiba Inu’s price has also increased by 34.84% in the monthly charts.
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This recent surge
boosted
Shiba Inu’s valuation to $11,357,193,493 ($11.35 billion), cementing SHIB’s position as the 13th-biggest crypto by market cap.
Shiba Inu’s incredible performance has left its community members with high expectations, especially as investors anticipate the second phase of the bull market.
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For context, the 2020/2021 bull market ended positively for Shiba Inu. Notably, SHIB’s price
surged
by over 150 million percent in 14 months, pushing the token to an all-time high of $0.00008845.
Although most proponents do not expect Shiba Inu to replicate its 2021 performance in the second phase of the 2024/2025 bull run, they believe the token’s value could soar massively, potentially capturing Ethereum’s (ETH) market cap.
SHIB Price If It Matches Ethereum Valuation
Ethereum is the second-largest cryptocurrency, with a market cap of $317,410,944,934 ($317.44 billion) at press time. Therefore, Shiba Inu would have a market cap of $317.44 billion if it captured Ethereum’s market valuation.
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At this market cap, SHIB would trade at $0.00053865 per token, assuming its circulating supply remains constant at 589.26 trillion. Should this become a reality, a portfolio of 2 billion SHIB would be valued at $1.07 million. Acquiring these 2 billion tokens at the current rate of $0.00001923 would cost $38,460.
Shiba Inu’s Potential Surge to $0.0005
Several analysts have projected that Shiba Inu will surge to $0.0005 in the future. In May, market observer Big Mike
forecasted
that Shiba Inu was trading in a complex web structure that could potentially take its price to $0.0005059.
Additionally, experts at Changelly
set
an ambitious target of $0.000519 for Shiba Inu. According to these analysts, Shiba Inu will
clinch
the target by May 2033, nine years from now.
Meanwhile, hitting the $0.00053865 requires Shiba Inu to rally 2,701% from its current price. Hence, it is not certain that Shiba Inu will ever reach the target in its lifetime.
Nonetheless, Shiba Inu has witnessed significant gains in the past, as seen in the 2020/2021 bull market. History could repeat itself, and Shiba Inu might embark on another significant rally to the $0.0005 level, especially as the ecosystem team rolls out more use cases for the cryptocurrency.
So far, Shiba Inu’s utility cuts across various sectors, including fungible and non-fungible tokens, metaverse, gaming, exchange, and NFT marketplace, among others.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.