Shiba Inu could chalk off one zero and mark a strong price rally to unprecedented prices if its market cap reaches $150 billion.
Shiba Inu joined a broader market bullish trend yesterday, continuing its recovery phase. Notably, the second-largest meme coin by market capitalization is up 3% since the start of the week and is on track for its first positive price action in five weeks.
Shiba Inu to $150 Billion Market Cap?
Meanwhile, data from IntoTheBlock shows a moderate correlation between Shiba Inu and the broader crypto market. For context, with SHIB, Bitcoin has a correlation coefficient of 0.61, Ethereum has 0.57, and Dogecoin has a higher 0.86 over the past sixty days.
This suggests that Shiba Inu would mirror a broader bullish market trend. Hence, with institutional interest entering the cryptocurrency market, analysts predict that major cryptocurrencies will rally extensively, which could potentially push Shiba Inu to a $150 billion market cap.
Also, the development of the Shiba Inu ecosystem further fuels this optimism. Recent technological deployments and a strategic partnership with the United Arab Emirates’ Ministry of Energy and Infrastructure (MoEI) have raised confidence that Shiba Inu will defy current bearish trends and potentially reach a market cap of $150 billion.
Shiba Inu’s Price at $150 Billion Market Cap
According to the current rankings, it is the 19th-largest cryptocurrency by market cap, with a valuation of $7.65 billion. Notably, if this figure rallies to $150 billion, it will surpass the $45 billion peak valuation in October 2021.
Currently, Shiba Inu has a total supply of 589.5 trillion SHIB. As a result, a $150 billion cap would push prices to $0.000254, representing a staggering 1,856% upsurge from the current prices. It would also see the meme coin surpass its current all-time high of $0.00008845.
Is a Rally to $0.000254 Possible?
Considering Shiba Inu’s current trajectory, a 1,856% surge to $0.000254 seems ambitious. Achieving the price mark would ensure it chalks off one more zero, pushing prices on course for new heights, such as $0.01.
Notwithstanding, analysis suggests this is possible. Market watcher More Crypto Online highlighted in an earlier commentary that Shiba Inu could rally to between $0.0001 and $0.0002, citing a bullish Elliot Wave formation.
Moreover, Changelly also projected the price mark for Shiba Inu, specifically suggesting it would happen by May 2032. However, prediction site Telegaon predicted a faster timeline, asserting a timeframe of 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.
