Shiba Inu’s price could more than triple if it follows Bitcoin’s trajectory and the leading cryptocurrency attains a $10 trillion market cap.
Shiba Inu has continued to suffer from the effects of the market downturn that started two weeks ago. Notably, SHIB slipped from the 22nd to the 23rd spot in the global cryptocurrency rankings.
Shiba Inu lost the 22nd position to Toncoin, which currently sits on a market cap of $7.93 billion. On the other hand, Shiba Inu is valued at $7.30 billion, trailing Toncoin’s market valuation by over $600 million.
Shiba Inu Community Remains Optimistic in SHIB Future
Despite Shiba Inu’s recent downturn, some community members remain confident that the asset will soon embark on a recovery. Recently, Shiba Inu’s lead of marketing, Lucie, speculated that SHIB would reclaim its ATH of $0.00008845 and surge beyond it to higher heights. She believes the upcoming rally would be driven by widespread adoption of the asset.
Additionally, some community members believe that a potential spike in Bitcoin’s price could impact the performance of Shiba Inu and other cryptocurrency assets.
Bitcoin’s influence in the crypto market cannot be overstated. Its rally usually translates into a broader market surge, and vice versa.
Examining the performance of Shiba Inu and Bitcoin reveals that both assets are closely correlated. This suggests that any potential spike in Bitcoin’s price could positively influence SHIB’s trajectory.
Shiba Inu Price if Bitcoin Reaches $10T Market Cap
Given the close relationship between the assets, some may wonder how high Shiba Inu would soar if Bitcoin reaches a market capitalization of $10 trillion. As reported previously, Cardano founder Charles Hoskinson boldly predicted that Bitcoin would reach a $10 trillion market cap by the end of the decade, specifically by 2030.
The Cardano founder highlighted that Bitcoin’s path to a $10 trillion market cap will be fueled by increasing adoption in the U.S. and its expanding accumulation by corporate treasuries.
Currently, Bitcoin has a market cap of $2.15 trillion. For Bitcoin to reach a $10 trillion valuation, it must rally 365.11% from its current market cap, which would automatically push its price to $502,169. This estimate assumes that Bitcoin’s supply remains at the current level of approximately 19.91 million coins.
Since Shiba Inu closely follows Bitcoin’s price movement, the meme-based token could experience similar growth. If this happens and Shiba Inu rallies by 365.11%, its market cap — currently standing at $7.3 billion — will rise to $33.95 billion.
With a circulating supply of about 589.25 trillion tokens, Shiba Inu would be valued at $0.00005761 if its market cap reached $33.95 billion.
Although the growth rate may seem lofty, Shiba Inu has previously achieved this target. The last time SHIB traded around the $0.000057 mark was in November 2021, shortly after setting an ATH of $0.00008845. SHIB has continued to trade below the level ever since.
SHIB to $0.0005 Predictions
Despite retracing below the level, some market commentators still think SHIB will reclaim the $0.00005 target in the future. Last year, Alex Clay teased that SHIB would reach the price milestone after the U.S. election. However, the prediction did not materialize.
Notably, popular market watcher Dallas Maker set a conservative target of $0.00005816 for SHIB, indicating that the forecast would likely materialize in the short term.
Meanwhile, most experts expect Shiba Inu to surpass the $0.000057 level and head towards loftier targets, such as $0.0001, before the end of this year. Himanshu Maradiya, the co-founder of CIFDAQ Blockchain Ecosystem, is among the proponents of this prediction.
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.
