Shiba Inu could increase by nearly 100% if it grows accordingly as the broader crypto market pushes toward a $5 trillion market cap.
The cryptocurrency market has come a long way since the launch of Bitcoin (BTC) in January 2009. Being the premier crypto asset, Bitcoin solely determined the entire crypto market cap for some time. However, the introduction of altcoins like Shiba Inu has helped to bolster the rise in the global crypto market cap.
SHIB’s Market Cap Dominance
Currently, the market tracking platform CoinGecko tracks up to 14,952 cryptocurrencies. These cryptocurrencies have collectively pushed the global crypto market cap to $2.549 trillion. The all-time high value of the global crypto market stands at $3.057 trillion, per CoinGecko data, attained in November 2021.
Of the current figure, Shiba Inu contributes a valuation of $10.118 billion, data suggests. This market cap indicates that SHIB has a market dominance of 0.3969%. Notably, an increase in the global crypto market cap typically translates to a rise in Bitcoin and altcoins like SHIB.
Interestingly, speaking with CNBC, Ripple CEO Brad Garlinghouse noted that he expects the global crypto market cap to double by the end of the year, potentially reaching $5 trillion. Such an increase in the global crypto valuation would lead to a subsequent rise in Shiba Inu’s price.
Shiba Inu Price if Crypto Market Cap Hits $5 Trillion
An assessment from The Crypto Basic shows that SHIB might rise by a rather modest proportion if it increases accordingly. Notably, if SHIB retains its market dominance of 0.3969% when the global crypto market cap hits $5 trillion, Shiba Inu’s market cap would rise from the current $10.118 billion to $19.846 billion.
A $19.846 billion valuation translates to a price of $0.00003368 for Shiba Inu. This value is a mere 96% increase from the current SHIB price, representing a disappointing growth rate.
It bears mentioning that SHIB has recorded a much greater increase in the past despite the global crypto market cap staying below $3 trillion. For instance, from late February to March 5, Shiba Inu spiked 370% to a yearly peak of $0.00004567. At this price, SHIB’s market cap surpassed the $21 billion mark for the first time since 2021.
Shiba Inu can replicate this run without an observable uptick in the global crypto market. To achieve this, SHIB must engineer a solo run or register a greater upsurge than the broader crypto market. This is rather achievable due to SHIB’s higher volatility.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
