With Shiba Inu slipping to the 23rd spot in the global crypto rankings, we examined the potential growth trajectory required for SHIB to surpass Dogecoin.
The total crypto market cap has fallen slightly by 1.2% to $3.78 trillion. This retracement is part of a broader downturn that has rocked the crypto market over the past few weeks.
Notably, Shiba Inu has had its fair share of the recent bloodbath. Amid the market downturn, Toncoin surpassed Shiba Inu to claim the 22nd spot by market cap, pushing SHIB down to 23rd place.
Growth Required for SHIB to Surpass Dogecoin
Despite the setback, many Shiba Inu enthusiasts remain optimistic, believing the downturn will be short-lived and that SHIB could ultimately achieve significant milestones. For some, a key goal is for Shiba Inu to surpass Dogecoin in the global cryptocurrency rankings. At the moment, this feat seems far-fetched, as Dogecoin currently ranks as the eighth-largest cryptocurrency, while SHIB sits in 23rd place.
As the eighth-biggest token globally, Dogecoin has a market cap of $32.75 billion, translating to a unit price of $0.2172. Shiba Inu, which ranks as the 23rd biggest token, boasts a valuation of $7.34 billion and a price of $0.00001245.
To overthrow Dogecoin, Shiba Inu’s market cap must spike 376.83% from the current level to $35 billion. With this rally, Shiba Inu could overtake Dogecoin to become the eighth-largest token by market cap, pushing DOGE down to ninth position. This analysis assumes that Dogecoin’s market cap remains stable around the $32 billion region.
Potential Price if SHIB Flips DOGE
The effect of Shiba Inu’s climb to a $35 billion market cap will be evident in the asset’s price. To put things into perspective, a market cap of $35 billion translates to a unit price of $0.00005939 for SHIB.
This implies that if Shiba Inu reaches a market cap of $35 billion, flipping Dogecoin along the way, it would trade at $0.00005939. The $0.000059 target is not new to Shiba Inu. It surpassed the target in October 2021 and eventually reached an ATH of $0.00008845. During that period, Shiba Inu even ranked among the top 10 biggest cryptocurrencies, flipping Dogecoin on multiple occasions.
Meanwhile, several experts have forecasted Shiba Inu’s return to the $0.00005 price level. Last year, TradingView analyst Alikze projected that SHIB would reclaim the $0.000059 level, setting it as a key price target.
In May 2024, popular analyst Davie Satoshi forecasted a major breakout that could take SHIB above the $0.00005 price mark.
In our previous analysis, top AI model ChatGPT suggested that SHIB will not reach $0.000059 anytime soon. Referencing a prediction from BitScreener, the chatbot predicted that SHIB could trade around the $0.000059 mark by 2035, exactly ten years from now.
Although the crypto market has proven that anything is possible, SHIB faces a major challenge in its quest to surpass DOGE in the global crypto ranking.
In particular, institutions have shown notable interest in Dogecoin. This is evident from multiple ETF filings tied to the token and recent efforts to establish a DOGE-focused treasury. In contrast, Shiba Inu has yet to attract the same level of institutional attention.
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.
