Can Shiba Inu Surge 8,233% to 83,233%, Here Are the Facts

Shiba Inu has been the subject of multiple bullish predictions recently, but its potential to claim some of these targets remains uncertain.

Notably, most of these targets have sprung up now that the market is grappling with widespread uncertainty among investors. Particularly, the global crypto market cap has slumped 17.3% year-to-date, now standing at $2.63 trillion. Following this trajectory, SHIB has collapsed 43.17% within the same timeframe.

Shiba Inu Investors Remain Confident

However, this bearish turn of events has not completely dampened investor sentiment. Interestingly, according to CoinMarketCap data, Shiba Inu community sentiment is currently 88% bullish and just 12% bearish. This is from over 964,000 community votes, covering a large audience.

These bullish sentiments are mostly due to confidence in Shiba Inu’s resurgence. Recently, The Crypto Basic confirmed that a panel of industry leaders surveyed by leading fintech platform Finder believes Shiba Inu will recover to trade at a much higher price by the end of the year. 

Besides promises of a resurgence, several analysts have teased loftier price targets for Shiba Inu, with the $0.001 and $0.01 goals being some of the most discussed. For instance, last September, analyst Krao suggested that a Shiba Inu descending trendline breakout could eventually lead to the $0.001 price target.

In addition, market commentator Luis Delgado argued in July 2024 that Shiba Inu to $0.01 is a certainty, citing Dogecoin’s meteoric run from $0.0001 in August 2014 to $0.01 in December 2017. Also, Shiba Inu ecosystem marketer Lucie believes the $0.01 target is achievable, but insists it could take some time.

Can SHIB Rise 8,233% to $0.001 or 83,233% to $0.01?

However, it is important to assess how feasible these targets actually are. Notably, Shiba Inu currently trades for $0.000012 at press time, holding above the $0.00001 level despite the ongoing correction. 

From this position, SHIB would have to rally by a massive 8,233% to reach the $0.001 target. Meanwhile, a run to the more ambitious $0.01 mark would demand a massive 83,233% from current levels. While the $0.001 price might be within reach in the coming years, a $0.01 target seems largely speculative.

Notably, an assessment of these targets’ market impact shows that Shiba Inu will boast a $589 billion valuation if it reaches $0.001, considering its 589 trillion supply. This would represent an additional $582 billion in market valuation, as SHIB currently has a market cap of $7 billion.

At this $7 billion valuation, SHIB has a market dominance of 0.266%, as the global crypto market is valued at $2.63 trillion. If Shiba Inu’s market dominance increases to 1% and the crypto market expands to $58.9 trillion, then SHIB’s market cap can technically rise to $589 billion. However, this depends on the extent of the broader market growth.

Meanwhile, the $0.01 target translates to a market cap of $5.89 trillion for Shiba Inu. This is considerably larger than the current global crypto market cap. Also, for Shiba Inu to hold this valuation at a 1% market dominance, the broader crypto market cap would have to rise to $589 trillion. 

Notably, this figure is larger than the estimates for total money supply globally, currently at $583 trillion. As a result, for Shiba Inu to claim a $5.89 trillion market cap, it would have to dominate a much larger share of the broader crypto market. For now, this valuation remains technically improbable.