Shiba Inu Market Cap Surges 43%, Reclaiming $11 Billion After September Drop

The Shiba Inu market cap has surged over 43% in a month to reclaim $11 billion after a scare pushed it as low as $7.5 billion in September.

Shiba Inu is one meme coin that has transcended its origin, moving from a joke token to a key asset in the crypto space. Shiba Inu has matured into an asset with real-world utility, outlasting most meme coins from the same origin.

At the time of writing, SHIB’s market cap has surged to $11 billion, outpacing projects like Chainlink, Polkadot, and Uniswap. The token sits at the 13th spot, outperforming the Bitcoin Cash, the 14th token, by nearly $4 billion.

Shiba Inu Market Cap History

Meanwhile, the latest surge to $11 billion is not the farthest Shiba Inu’s market cap has reached in history. In fact, its market cap is down over 70% from its historical peak.

For context, SHIB’s market cap surged to $37.81 billion during the 2021 bull run, as its price hit the all-time high of $0.00008845. The uptick pushed Shiba Inu into the top ten crypto ranking, sitting above Dogecoin at the ninth position.

Notably, Shiba Inu started the year ranked 17th, with a market cap of $6 billion. However, SHIB surged almost 200% in a few weeks to reenter the top 10 crypto ranking in March, capped at $19.3 billion.

Since then, SHIB’s market cap has declined with its price, hitting as low as $7.5 billion in September. Meanwhile, it has appreciated over 43% from this low, currently trading at eleven figures.

Future Price Outlook

As the increase in the market cap is a function of a price uptrend, analysts have speculated new highs for both metrics. Notably, these market spectators have tipped both fundamental and technical analyses to propel SHIB to greater heights.

Fundamentally, the Shiba Inu ecosystem has impressed recently. The launch of Shibarium, a layer 2 scaling solution, promises to bolster adoption.

The upcoming upgrade for ShibaSwap and increased burn rate have spread positive sentiments around the ecosystem. Consequently, the community has foreseen a significant price uptrend in the bull run.

Technically, analyst AJTrader speculates an over 124% SHIB uptrend to $0.00004. The speculator noted that a sustained trend above $0.00002 would push the asset to the price level.

Also, Crypto Sheriff asserted that Shiba Inu will hit three price targets this cycle. The analyst predicted that the dog-themed meme coin would trade at $0.00002, break above its all-time high to trade at $0.0002, before a push to $0.001.

Meanwhile, the SHIB price has surged considerably in the past week, gaining over 11%. At the time of writing, the token trades at $0.00001883.