The prospect of Shiba Inu becoming the meme king of the next bull run could significantly impact the price of SHIB.
With only a few months left before the end of the current cycle, investors are already focused on the next bull run, expected to occur in 2028/2029. Ahead of that bull run, development teams behind tokens like Shiba Inu are already preparing their projects to participate in the upcoming rally.
In particular, the Shiba Inu team has introduced several utility projects, including Shibarium, ShibaSwap, and the automated burn mechanism ShibTorch, that could elevate SHIB’s price to greater heights.
What It Entails for SHIB to be the Meme King
Notably, Shiba Inu aims to become the king of the meme coin market and dominate other tokens in this sector. It achieved this feat in the 2020/2021 bull cycle, when it usurped Dogecoin several times while soaring to an all-time high of $0.00008845. However, Shiba Inu relinquished the title back to Dogecoin almost immediately.
Despite this, speculation suggests that Shiba Inu could reclaim the meme king title in the next bull run. Achieving this feat implies that Shiba Inu would rank as the largest token by market cap in the meme coin market.
At the moment, Shiba Inu is ranked as the second-biggest meme coin. It is valued at $8.3 billion, with a token currently trading at $0.00001208. For Shiba Inu to become the meme king, it must usurp Dogecoin, which currently leads that market with a valuation of $35.79 billion.
SHIB Price If It Becomes Meme King
Surpassing Dogecoin’s market cap and becoming the meme king would require Shiba Inu’s valuation to grow roughly 382%. The rally will eventually push Shiba Inu’s market cap from $8.3 billion to $40 billion, surpassing DOGE’s current $35.7 billion.
This analysis assumes Dogecoin’s market cap does not exceed $40 billion in the next bull run. Given Shiba Inu’s supply of 589.25 trillion tokens, a market cap of $40 billion translates to a price of $0.00006788 per token. The estimated target is still below Shiba Inu’s previous all-time high of $0.00008845, registered in October 2021.
Is $0.00006788 Feasible for SHIB?
Whether SHIB can become the meme king of the next cycle and ultimately climb to $0.00006788 remains to be seen. Most crypto analysts believe that $0.00006788 is a realistic target for Shiba Inu.
In November, the marketing lead of the Shiba Inu ecosystem, Lucie, showcased SHIB’s substantial lifetime gains against Bitcoin and USDT.
The chart showed that Shiba Inu massively outperformed both Bitcoin and USDT, prompting Lucie to declare that SHIB was doing fine. Following Shiba Inu’s remarkable performance, Lucie predicted a subsequent surge to $0.00006861. However, she did not indicate when the prediction would materialize.
In the absence of a specific timeline, we turned to Chagelly for an estimate regarding when SHIB will clinch the $0.00006788 target. According to Changelly, SHIB could trade at around $0.00006788 in the next cycle, precisely by July 2028. In that month, Changelly envisions SHIB reaching a maximum target of $0.0000684.
Meanwhile, investors should not reference this analysis as financial advice due to the volatile nature of cryptos. Moreover, the possibility of SHIB becoming the meme king remains uncertain due to the absence of an ETF tied to the token and the team’s decision to stay anonymous.
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.
