Shiba Inu (SHIB), the second most valuable meme crypto asset, has attracted considerable attention as one of the most pocket-friendly cryptocurrencies after gracing the cryptocurrency market in 2020 and making many early investors huge profits in the 2021 bull season.
Consequently, many investors with not very buoyant investment capital have acquired the token in considerably large stores in anticipation of the next market rally that would shoot the price of SHIB to the moon.
Also read: Here is the price of Shiba Inu if SHIB gets 7% of the entire crypto market cap
However, while SHIB might have orchestrated an impressive market outlook, particularly in March when it hit an all-time high (ATH) of $0.00004 in 2024, the coin has struggled to replicate a similar run; It has since retreated to stabilize around the $0.00002 price level.
At the close of this edition, Shiba Inu Price Statistics on CoinGeckoa renowned cryptoasset price tracking platform, revealed that the price of dog-themed cryptoassets is approximately $0.000024, reflecting a 1% decrease in the last 24 hours.
Interestingly, SHIB has also recorded declines in various chronological indices, including the 7-day-to-date, 14-day-to-date and 30-day-to-date variables, by 3.3%, 6.3% and 3.9%. respectively.
SHIB market capitalization compared to Bitcoin and the entire market
According to the digital asset price tracking platform, the entire crypto market boasts a market capitalization of approximately $2.7 trillion, having decreased approximately 0.2% from the previous day.
Bitcoin, with a market capitalization of approximately $1.36 trillion, contributes a whopping 50.4% to the global market capitalization valuation, while SHIB contributes a negligible percentage less than one at around 14. 08 billion dollars.
As the most valuable crypto assets, the possibility of any cryptocurrency accumulating a market capitalization similar to that of the pioneering crypto protocol seems highly unlikely. However, accumulating a certain percentage of the BTC market cap, while not easily achieved, is more feasible, and we will focus on that in the next part of this article.
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Also read: Here is the price of Terra Classic if LUNC captures 5% of the entire crypto market cap
SHIB price if it captures 5% of Bitcoin market cap
According to a mathematical evaluation, capturing 5% of Bitcoin's market capitalization implies that Shiba Inu's market capitalization would likely reach around $68 billion.
Relating the above market cap value to SHIB's huge circulating supply pool of over 589.3 billion tokens would result in a market price of $0.000115 for SHIB, which seems like an achievable goal as it only involves remove a zero in the coin's selling price and reach a new ATH from its current high price of $0.00008616.
It remains to be seen to what extent SHIB will appreciate in the next bull run. However, for the coin to reach a considerable price, the development team must come up with plans to increase the token burn rate and adoption of its Layer 2 scaling solution, the Shibarium.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not represent the views of the Times Tabloid. Readers are urged to conduct in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial loss.
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