This article analyzes how Shiba Inu (SHIB) could hit a new all-time high if it captures at least half of Bitcoin’s (BTC) market cap.
Shiba Inu was not left out in the recent relief rally witnessed across the broader crypto market. The token recorded an impressive surge of 11.46% in 24 hours, rising from $0.000013 to $0.00001449 between September 18 and 19.
SHIB Current Performance
Although Shiba Inu’s price experienced a slight retracement after its latest gain, the token still trades above the $0.000014 mark. Currently, SHIB is priced at $0.00001429, representing a weekly increase of 7.63%.
Despite Shiba Inu’s incredible performance over the past week, the dog-themed token is down 68.24% from its yearly peak of $0.000045.
This decline has not stopped Shiba Inu enthusiasts from believing in SHIB’s prospects. Meanwhile, several market observers have kept investors’ hope alive by issuing favorable predictions for the token.
Shiba Inu’s Price If SHIB Captures 50% of Bitcoin’s Market Cap
Some experts forecast that Shiba Inu could surge to greater heights in the future, potentially capturing half of Bitcoin’s market cap. With Shiba Inu currently trading at $0.00001429, the token has a market cap of $8.52 billion, making SHIB the 13th biggest cryptocurrency.
On the other hand, Bitcoin sits as the world’s biggest crypto, with a market cap of $1.24 trillion. Notably, half of Bitcoin’s market cap is $620 billion, which is still 72.7 times higher than Shiba Inu’s valuation. This $620 billion could become Shiba Inu’s valuation if SHIB eventually captures half or 50% of Bitcoin’s market cap.
If Shiba Inu captures half of Bitcoin’s market cap of $620 billion, its price will skyrocket from $0.00001429 to $0.00105, marking a whopping gain of 7,277%. At this new price, a portfolio of 100 million SHIB, currently worth $1,429, would be valued at $105,000.
Potential Timeline for SHIB Surge to $0.001
The $0.001 target has gained popularity within the Shiba Inu community. Several enthusiasts believe Shiba Inu might hit this target in the coming years.
Earlier this year, analysts at Changelly forecasted that Shiba Inu could hit the $0.001 target by 2032, eight years from now. As reported earlier, the analysts set Shiba Inu’s 2032 average target at $0.00109. However, in an updated report, Changelly expects SHIB to hit $0.001 by 2033, predicting a maximum price of $0.001199 by then.
Can SHIB Price Reach $0.001?
Hitting the $0.001 target within this timeline could seem like a major challenge for Shiba Inu due to its hefty circulating supply. However, SHIB has experienced remarkable gains in the past despite having a bigger supply.
For instance, Shiba Inu saw an impressive rally of 7,692,207% in the 2020/2021 bull rally. During this period, a little over 410.24 trillion SHIB have been incinerated. Currently, Shiba Inu’s total burns now stand at over 410.72 trillion, according to data from Shibburn.
Moreover, Shiba Inu ecosystem team is making progress in boosting SHIB’s adoption in the future by rolling out interesting projects like Shiba Eternity, SHIB: The Metaverse, and Shib Hub, among others. Whether SHIB could hit the $0.001 target in the coming years remains to be seen.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
