Shiba Inu could eliminate a zero from its price if Dogecoin achieves a market cap of $1 trillion.
Investors are closely monitoring Shiba Inu and Dogecoin, two of the world’s largest meme coins, and analyzing how their price movements impact each other.
This analysis gained momentum as several analysts project that Dogecoin might become the first meme coin to reach a $1 trillion market cap. Despite being the biggest meme coin, Dogecoin’s market cap is still around $50.88 billion. It is a 1,865% rally away from achieving the $1 trillion valuation.
Should it achieve this feat, its price will soar to $6.77 from the current $0.3447 value, assuming no changes to its circulating supply.
How Dogecoin Surge to a $1T Market Cap Could Impact Shiba Inu
Amid this optimistic projection, several investors are eager to know how Dogecoin’s potential surge to a $1 trillion market cap will impact the meme coin market, particularly Shiba Inu.
Shiba Inu, which launched in 2020, has quickly elevated itself as one of the leading meme coins, with its utility extending beyond just trading to decentralized finance (DeFi).
Several factors, such as Shiba Inu’s ecosystem developments, market sentiments, and its correlation with other assets like DOGE, have significantly influenced SHIB’s price.
For context, Shiba Inu boasts a correlation of 83% with Dogecoin over the past 30 days, soaring to 88% in the past two months. However, Shiba Inu’s correlation with other top assets like Bitcoin and Ethereum has been low compared to Dogecoin.
This indicates that SHIB has been moving in tandem with Dogecoin’s price movement than any other crypto over the past 60 days.
Shiba Inu Price if Dogecoin Hits $1T Market Cap
At press time, Shiba Inu’s market cap is $12.75 billion, trading at $0.00002134. Assuming Shiba Inu experiences a proportional surge of 1,865%, like Dogecoin on its way to a $1 trillion market cap, its price will soar to $0.0004193.
Therefore, if Dogecoin achieves a $1 trillion market cap, Shiba Inu’s price could rise to a staggering $0.0004193 per token.
At $0.0004193, Shiba Inu’s market cap will soar to $250.53 billion if SHIB’s circulating supply of 589.25 trillion tokens remains stable. Also, investors with portfolios of 100 million SHIB, currently worth $2,134 at the current price, will see their investments surge to $41,930 if SHIB hits a target of $0.0004193.
Similar Projections
The $0.0004193 target aligns with several optimistic predictions top experts have issued for Shiba Inu.
Last month, pseudonymous market observer CryptoELITES identified the formation of a bullish cup and handle pattern on Shiba Inu’s chart, forecasting a rise to $0.000472905 this cycle.
In October, popular market analyst Cantonese Cat referenced Shiba Inu’s 2023 performance to project a potential surge to $0.00047. Cantonese Cat emphasized that Shiba Inu was the only crypto asset flashing a buy signal at the time.
Even though Shiba Inu has demonstrated its prowess for recording substantial gains, its potential to hit the $0.0004193 target depends on several factors, ranging from market sentiment to burns. A considerable portion of Shiba Inu’s 589.25 trillion must be incinerated to hit the target quickly.
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.
