The Shiba Inu coin, alongside Dogecoin, stands as one of the most prominent meme coins by market capitalization. This positioning has sparked conversations regarding what the Shiba Inu (SHIB) price might become if it were to achieve Dogecoin’s current market cap. Let’s delve deeper into this intriguing possibility.
Potential Shiba Inu Price with Dogecoin’s Market Cap
According to MarketCapOf data, should the Shiba Inu coin reach Dogecoin’s market cap of $28.7 billion, its price would be approximately $0.00004883. This scenario would signify an impressive price surge of over 250% from its existing valuation. Currently, Shiba Inu boasts a market cap of $11.1 billion, which is roughly 0.39 times less than that of Dogecoin.
It’s noteworthy that the Shiba Inu price has previously touched the $0.00004883 mark, with its all-time high (ATH) recorded at $0.00008845. If SHIB were to return to this price level, its market cap would be even greater, given that a significant number of SHIB tokens have been burnt since reaching its ATH.
In a contrasting scenario, Dogecoin, being inflationary, would experience a reduction in market cap even if it climbed back to its ATH of $0.73. During the 2021 crypto boom, Dogecoin achieved an $80 billion market cap at its peak. If this were to occur now, Dogecoin’s price would settle at around $0.5.
Should Shiba Inu’s market cap rise to match that of Dogecoin, it would elevate SHIB to the position of the eighth-largest cryptocurrency in terms of market cap, a spot currently occupied by Dogecoin.
Shiba Inu on the Path to Achieving New Highs
Cryptocurrency analyst Javon Mark has suggested that Shiba Inu is poised to breach the $0.00004883 target in the near future. His analysis, shared in a post on X, forecasts a potential price rally towards SHIB’s ATH. He highlighted that Shiba Inu is on the verge of confirming a Hidden Bull Divergence and is already experiencing a breakout.
Mark speculates that the ongoing Bitcoin bull run could significantly influence this potential rally for Shiba Inu. Given the correlation between their prices, Bitcoin’s upward trend could act as a catalyst for Shiba Inu’s price increase. Data from IntoTheBlock indicates a positive correlation of 0.54 between Shiba Inu and Bitcoin, suggesting that SHIB could benefit from Bitcoin’s bullish momentum.
With this optimistic outlook, Javon Marks confidently anticipates a 300% rally for Shiba Inu, projecting it to reach its current ATH soon. At the time of writing, Shiba Inu is trading around $0.000019, having appreciated by over 2% in the last 24 hours, as reported by CoinMarketCap.
In summary, while the journey for Shiba Inu to match Dogecoin’s market cap is filled with variables and uncertainties, the potential for growth remains promising. As market dynamics and investor sentiments evolve, the Shiba Inu community remains hopeful for new milestones in the cryptocurrency landscape.
Stay tuned to market updates and expert analyses for a deeper understanding of Shiba Inu’s potential trajectory in the ever-changing world of cryptocurrencies.
