Shiba Inu: What 10% of Bitcoin’s Market Cap Means for SHIB?

Shiba Inu [SHIB] has managed to stage a notable recovery, increasing by 3.66%. At press time, SHIB is trading at $0.00002508. This meme coin, known for its volatile nature, has frequently fluctuated within the crypto rankings. Currently, SHIB stands as the 11th largest cryptocurrency, boasting a market cap of $14.8 billion.

The suitability of such a market cap for SHIB raises questions, especially amidst the ongoing speculation and uncertainty among market participants. To put this into perspective, it is important to see what Shiba Inu’s price would look like at a more feasible market cap, specifically one that is 10% of Bitcoin’s current valuation.

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Bitcoin’s market capitalization and SHIB’s potential

Bitcoin, the largest cryptocurrency by market capitalization, currently holds a valuation of $1.353 trillion. This makes it the ninth-largest asset globally. Calculating 10% of Bitcoin’s market cap gives us $135.4 billion, which is still considerably lower than Ethereum’s market cap of $461.1 billion.

If Shiba Inu were to claim a market cap of $135.4 billion, its price per coin would record a substantial increase. Given SHIB’s circulating supply of 589 trillion tokens, a $135.4 billion market cap would result in a price of $0.0002298 per token. This represents an 844% increase from its current price.

Also Read: Shiba Inu: Will SHIB Hit a New All-Time High in June 2024?

The notion of Shiba Inu reaching such a high market cap and price may seem ambitious. However, it’s not entirely out of the realm of possibility. The cryptocurrency market is known for its dramatic price movements. This is particularly true during bull runs.

While reaching a price of $0.0002298 is feasible if SHIB achieves a market cap of $135.4 billion, it remains uncertain whether SHIB can hit this target. However, considering SHIB’s previous records, the community wouldn’t be surprised.