The price of Shiba Inu has the potential to skyrocket to the $0.000169 range if it achieves a market capitalization of $100 billion with its current circulating supply. The cryptocurrency market has experienced significant growth this year, thanks to the price surges seen in the first quarter. In fact, last month, the global crypto market cap reached its highest level in two years, reaching $2.76 trillion, with Shiba Inu playing a role in this upward trend.
On March 5, SHIB’s market cap reached a peak of $21.16 billion, coinciding with the Shiba Inu price reaching a yearly high above $0.000045. This allowed Shiba Inu to surpass Avalanche (AVAX) and secure a spot among the top 10 cryptocurrencies by market cap.
However, since then, the price of Shiba Inu has retraced from its high of $0.000045, leading to a corresponding drop in market cap. According to CoinMarketCap (CMC) data, its current market cap stands at $13.85 billion, which translates to a Shiba Inu price of $0.0000235.
To regain its position in the top 10, Shiba Inu would need a significant increase in market cap. The Crypto Basic has analyzed the amount by which Shiba Inu would need to rally in order to achieve an unprecedented market valuation of $100 billion. With its current circulating supply of 589 trillion tokens, Shiba Inu would need to reach a price of $0.0001696 to reach this milestone. If other assets remain stagnant, this would result in a new all-time high price and propel SHIB to the fourth position among cryptocurrencies with the highest market capitalization.
Despite the downward pressure on SHIB, market analysts still expect it to perform well in the current bull market. Crypto trader Eunice Wong predicts a second leg up for Shiba Inu, with its price expected to reach $0.000125, a 409% increase. Market analyst Cipher also anticipates a rise in SHIB’s price to $0.0001 following its third Elliott Wave on a weekly timeframe. These ambitious price targets would contribute to an increase in Shiba Inu’s market capitalization.
Reaching any of these targets would greatly enhance Shiba Inu’s chances of securing a spot among the top 10 cryptocurrencies. In October 2021, SHIB entered the top 10 list for the first time when its all-time high price led to a market cap exceeding $39 billion. However, it dropped below the tenth position during the subsequent retracement. SHIB has been striving to regain its position in the coveted top 10 rankings, and a surge to a market cap of $100 billion could make that a reality. However, this is still speculative at this time.
Please note that this content 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 necessarily reflect those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.