Shiba Inu price could soar to new highs if the meme coin reclaims its peak market dominance from 2021 when the global crypto market hits $40 trillion.
Notably, as the broader crypto market faces a significant pullback amid the recent Bitcoin (BTC) price correction, altcoins such as Shiba Inu have witnessed the largest impact. Specifically, Shiba Inu price has dropped nearly 15% this week, now sitting at $0.00001235.
Shiba Inu Remains Below March 2024 Peak
Discouragingly, this position is far below investor expectations. For context, at the current price, the meme coin is 72% down from its March 2024 peak of $0.00004563. Despite the bull run taking shape since Q4 2024, SHIB has failed even to reclaim this price, much less its October 2021 ATH.
Nonetheless, market analysts remain optimistic, expecting Shiba Inu price to recover to new heights sometime in the future. Whether this will materialize in this bull run or in a future one remains to be seen. Essentially, the consensus is SHIB would eventually surpass the $0.00008845 ATH.
While lofty targets such as $0.01 have emerged in recent times, most investors remain pessimistic. However, The Crypto Basic recently assessed a more realistic scenario: what if Shiba Inu reclaims its peak market dominance and the global crypto market cap reaches $40 trillion?
For context, Cardano bull Dan Gambardello predicted last June that the global crypto market cap could hit $40 trillion. At the time, the figure stood at $2.5 trillion. While Gambardello admitted that he is not sure when his projection will materialize, he insisted that it will definitely happen.
Shiba Inu Price if Global Market Cap Hits $40T
Meanwhile, Shiba Inu attained its peak market dominance when it claimed its all-time high of $0.000088 on Oct. 28, 2021. Given the circulating supply of 589.5 trillion tokens, SHIB’s market cap at the time rose to $51.9 billion at the ATH.
However, CoinMarketCap data confirms that the global crypto market cap then stood at $2.6 trillion. This figure brought Shiba Inu’s market dominance to 1.99%. Notably, this marked the asset’s peak market dominance, as this metric has continued to collapse since then. Currently, SHIB has a market dominance of 0.23%.
If the meme coin reclaimed its market dominance of 1.99% and the global crypto market cap hit $20 trillion as predicted by Gambardello, its market cap would soar to $796 billion. At this $796 billion valuation, Shiba Inu price would soar to $0.00135, marking a new all-time high.
For Shiba Inu price to reach $0.00135 from the current level, it must increase by 10,426%. Interestingly, market analyst Krao projected in September 2024 that Shiba Inu could claim the $0.001 mark. Further, Changelly analysts expect Shiba Inu price to reach the $0.001 level in January 2040.
Meanwhile, if Shiba Inu maintained its current market dominance of 0.23% when the broader crypto market reached $40 trillion, its market cap would reach $92 billion, still representing a new peak. At this valuation, Shiba Inu price would sit at $0.0001560.
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.
