Shiba Inu, currently valued at less than 1% of Bitcoin, has the potential to reach a new record high if it manages to capture just 10% of Bitcoin’s market share.
Since its launch in 2009, Bitcoin has experienced significant growth and has become a trillion-dollar asset, establishing itself as one of the largest financial assets in the world.
Despite ambitious aspirations, altcoins like Shiba Inu can only dream of achieving a fraction of Bitcoin’s market capitalization. Although Charles Hoskinson, the founder of Cardano, has suggested that ADA could surpass Bitcoin in value, such claims have been met with skepticism.
Currently, Shiba Inu is the 13th largest cryptocurrency by market capitalization and only represents 0.8% of Bitcoin’s total market value. At the time of reporting, SHIB has a market cap of $10.9 billion, while Bitcoin’s valuation stands at $1.335 trillion.
Interestingly, Shiba Inu came closest to matching Bitcoin’s market capitalization during its historic rally in 2021. At that time, SHIB’s market cap reached $41.35 billion, accounting for 3.4% of Bitcoin’s valuation of $1.13 trillion.
However, since then, Bitcoin’s market capitalization has surpassed its 2021 levels, reaching $1.335 trillion. On the other hand, Shiba Inu has failed to reclaim its previous peak of $41.35 billion due to the absence of a significant altcoin season in the current bull cycle.
Analysts anticipate that altcoins will outperform Bitcoin and achieve substantial gains during the upcoming season. If Shiba Inu can capture just 10% of Bitcoin’s market capitalization during this period, its price could reach a new all-time high.
To put this into perspective, 10% of Bitcoin’s current market cap amounts to $133.5 billion. For Shiba Inu to achieve this, its market cap would need to increase by approximately $125 billion. If this were to happen, SHIB’s price would reach $0.0002266 per token, considering the circulating supply of 589 trillion tokens.
Currently trading at $0.00001850, a surge to $0.0002266 would require a growth rate of 1,124%. Many analysts believe that this projection is realistic for the dog-themed token. In June, market watcher Valeriya predicted a rally to $0.00022, which would be a 10x surge at the time.
It is important to note that this content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses.