Shiba Inu, which currently sees less than 1% of the Bitcoin valuation, could reach a new all-time high if it grows to capture only 10% of this market.
The crypto market has grown considerably since the launch of Bitcoin (BTC), the pioneering crypto asset, in 2009. Over the past decade and a half, Bitcoin has grown to become a trillion-dollar asset, cementing its position among the largest financial assets in the world.
SHIB’s Position in Relation to Bitcoin
Altcoins like Shiba Inu, despite having ambitious visions, can only dream to capture a share of Bitcoin’s market cap. While Cardano founder Charles Hoskinson has repeatedly argued that ADA could surpass Bitcoin in valuation, these commentaries have often faced skepticism.
Notably, Shiba Inu, being the 13th-largest cryptocurrency by market cap, currently boasts only 0.8% of Bitcoin’s total market valuation. For context, SHIB has a market cap of $10.9 billion at the reporting time, as opposed to Bitcoin’s valuation of $1.335 trillion.
Interestingly, the closest Shiba Inu has been to gaining on Bitcoin’s market cap was when it recorded its historic 2021 rally during the bull run at the time. Within this period, SHIB’s market cap spiked to $41.35 billion, representing 3.4% of Bitcoin’s $1.13 trillion valuation at that time.
Following a series of downtrends and recoveries, Bitcoin’s market cap has now surpassed its 2021 levels, now at $1.335 trillion. In contrast, Shiba Inu has failed to recapture the previous peaks of $41.35 billion. This is largely due to the fact that the altcoin season for this bull cycle has not yet materialized.
Shiba Inu Price if It Captures 10% of BTC Market
Several analysts expect most altcoins to capitalize on the upcoming season to outperform Bitcoin while securing massive gains. If Shiba Inu leverages this run to capture just 10% of Bitcoin’s market cap, its price could reach a new all-time high.
For context, 10% of Bitcoin’s current market cap sits at $133.5 billion. For Shiba Inu to reach this level, its market cap would need to grow by about $125 billion. However, should this occur, this would bring SHIB’s price to $0.0002266 per token, considering the circulating supply of 589 trillion tokens.
With Shiba Inu currently trading for $0.00001850, a spike to $0.0002266 would demand a growth rate of 1,124%. Notably, multiple analysts believe this is a feasible projection for the dog-themed token. Market watcher Valeriya predicted in June that SHIB could rally to $0.00022, a 10x surge at the time.
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.
