Shiba Inu could delete a zero and hit a new all-time high if it becomes half as big as Ethereum, the second-largest cryptocurrency by market cap.
The relief rally in the crypto market has continued to benefit Shiba Inu, with its market cap soaring from the $7 billion region to above $8 billion.
Shiba Inu’s Relationship with Ethereum
Others predicted that Shiba Inu might eventually become half as big as Ethereum if it continues its rally. This speculation is driven by Shiba Inu’s close relationship with Ethereum.
At some point, popular Shiba Inu developer Kaal Dhairya referred to SHIB as Ethereum’s number one loyal ERC-20 token. Shiba Inu debuted on the Ethereum blockchain in August 2020, and since then, SHIB has remained one of the top ERC-20 tokens on the Ethereum blockchain.
In addition, Ethereum is currently the blockchain powering Shiba Inu’s ecosystem projects, including Shib: The Metaverse and its scaling solution Shibarium. As a result, many wonder whether Shiba Inu would be able to be half as big as Ethereum and how high SHIB’s price would grow if this happens.
SHIB Price If It Captures 50% of ETH Market Cap
By becoming half as big as Ethereum, Shiba Inu must capture half or 50% of ETH’s valuation. Shiba Inu is currently trading at $0.00001420. Shiba Inu has a market cap of $9.44 billion and is currently ranked as the 16th biggest cryptocurrency globally.
Similarly, Ethereum has experienced slight gains amid the ongoing relief rally, with its price also soaring 2.42% in the past day to $2,370. ETH remains the second-biggest cryptocurrency globally, boasting a market cap of $286.14 billion.
Notably, half of Ethereum’s market cap translates to $143.07 billion. This could be Shiba Inu’s new market cap if SHIB becomes half as big as ETH. A valuation of $143.07 billion would push SHIB’s price to a new all-time high of $0.0002428. This estimate assumes that SHIB’s supply remains static around the 589.25 trillion mark.
Potential Timeline to $0.0002428 Target
Meanwhile, market commentators have dropped insights on whether it is possible for SHIB to rise to the $0.0002428 target. Interestingly, most of them believe the target is realistic, as reflected in their previous predictions.
Last year, popular Bitcoin investor Moataz “Eljaboom” Elsayed speculated that Shiba Inu could clinch the $0.00024 target if it replicates its Q2 2021 performance.
In addition, a previous Crypto Basic analysis conducted this year suggested that SHIB could rise to the $0.00024 target if Solana’s price soared to $3,000 per coin.
Notably, Changelly put a timeline regarding when Shiba Inu would hit the $0.0002428 target. According to Changelly, Shiba Inu will achieve the feat by November 2031, six years from now. However, the top prediction platform Telegaon believes the $0.0002428 target will become a reality by 2028.
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.
