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Shiba Inu Lead Taunts Cardano Founder After Hoskinson Announces He Would Work With US Government on Crypto

Elendu Benedict
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Shiba Inu Lead Taunts Cardano Founder After Hoskinson Announces He Would Work With US Government on Crypto

Shiba Inu lead Shytoshi Kusama has taken a series of swipes at Cardano founder Charles Hoskinson after he announced he would work with the US government to facilitate the crypto policy.

The Cardano founder made headlines over the weekend following his return from his “off the grid” period. This time, it was not another X spat or his notorious Cardano defense speech but a development that has been bullish for Cardano.

Cardano Founder to Work With Trump on Crypto

Hoskinson announced in a November 9 podcast that he would spend most of next year working with the Trump administration to establish clear regulations for the crypto industry. He noted he would do so with a few other industry leaders.

 

The Cardano founder further revealed that Input-Output Global (IOG) would set up a policy office and hopes to begin collaborating with the US government by January. He noted that the intended office would help hybridize many pro-crypto bills, including the Financial Innovation Technology 21 (FIT21) and the Lummis-Gillibrand Responsible Financial Innovation Act (RFIA).

Notably, Hoskinson stated that the collaboration was yet to be fully decided, citing that Trump is yet to take power after his bullish November 5 election win. However, he expressed optimism that he would be a part of the crypto policy team, as he has “personal friendships with certain lawmakers” who are on Trump’s transition team.

 

Shiba Inu Lead Taunts Hoskinson

Meanwhile, Hoskinson’s disclosure spiked ADA’s price, which jumped over 40% in 24 hours to a 7-month high of over 60 cents. However, it attracted taunts from Shiba Inu’s lead, Shytoshi Kusama, who pointed out a few things from the announcement.

In an X post, the pseudonymous lead first reacted with, “Seriously?!!!!,” accompanied by a GIF. Kusama further stated that he just understood Hoskinson’s “wordings,” which was why Hoskinson announced the alleged collaboration and not Trump’s administration.

 

Furthermore, the Shiba Inu lead insisted that he would never announce work for any government in the world without their official confirmation. He stated “loud and clear” that the government must also announce the partnership.

 

Meanwhile, Hoskinson’s post has steered cheers and applause from the crypto community, which has lauded his commitment to moving the digital asset industry forward. For instance, a user stated that the founder has finally been recognized as a brilliant mind that would contribute meaningfully to the US government.

Shiba Inu Lead Pitches This Idea to Elon Musk for Integration into Trump’s Team

Abdulkarim Abdulwahab
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Shiba Inu Lead Pitches This Idea to Elon Musk for Integration into Trump’s Team

Shiba Inu lead developer Shytoshi Kusama made a bold recommendation to Elon Musk, proposing the potential adoption of S.H.I.B. to the incoming Donald Trump administration.

The development occurred on X earlier today, following a conversation by Republican Party member Vivek Ramaswamy. Ramaswamy raised the question of how the incoming Trump administration could be structured to address the nation’s challenges effectively.

Specifically, Ramaswamy emphasized that a group of small-government revolutionaries would be the key to saving the United States. In response, Elon Musk expressed strong support for Ramaswamy’s stance.

Musk, a key figure in the incoming Trump administration, further expressed interest in hearing recommendations for potential roles for President Trump to consider.

This open call for input caught the attention of Shytoshi Kusama, the leader of the Shiba Inu ecosystem. Seizing the opportunity, Kusama submitted a SHIB-themed proposal for consideration.

Shiba Inu Lead Proposes S.H.I.B. for the Trump Administration

Specifically, Kusama suggested that the recently unveiled Strategic Hub for Innovation in Blockchain (S.H.I.B.) could be a key initiative for the Trump administration. He shared a link with Musk, providing more details on the proposal and its potential benefits.

The S.H.I.B. proposal, first introduced by Kusama last week, outlines the creation of a cutting-edge blockchain innovation hub in a U.S. city. The goal is to establish the U.S. as a global leader in blockchain technology and sustainable development. 

The hub would serve as a catalyst for economic growth, job creation, and innovation across industries like finance, healthcare, and energy.

In addition to fostering economic growth, the hub would strengthen national security through blockchain-based solutions for cybersecurity and infrastructure protection. It would also focus on sustainability by integrating green building practices, renewable energy, and circular economy models. 

The initiative would partner with universities to develop talent and promote STEM education, creating a skilled workforce for the future.

Projected Outcomes from S.H.I.B.

The projected outcomes for the S.H.I.B. initiative include creating 5,000 jobs within the first 1-2 years, attracting over 100 blockchain startups, and contributing $500 million to the local economy. 

In 3-5 years, the hub is expected to employ 20,000 workers and generate $2 billion annually. In the long term, it could generate more than $5 billion per year, solidifying the U.S. as a leader in blockchain technology.

The project’s total estimated cost is $1.3 billion to $2.35 billion over 5-10 years, with a projected return of $10 for every $1 invested. This positions the S.H.I.B. initiative as a high-impact, long-term strategy for national growth, technological leadership, and sustainability.

Essentially, Kusama is optimistic that, with the support of the incoming administration, this ambitious project could come to fruition, advancing the crypto industry and positioning the U.S. as a global leader in blockchain innovation for decades to come.

Cardano Founder Apologizes to XRP Holders, Proposes Partnership With Ripple

Lele Jima
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Cardano Founder Apologizes to XRP Holders, Proposes Partnership With Ripple

Cardano founder Charles Hoskinson apologizes to the XRP community, signaling his intention to foster collaboration with Ripple. 

Hoskinson made a pivotal move toward ending his long-term dispute with Ripple and the XRP community. The Cardano founder issued an apology to XRP enthusiasts during his recent YouTube livestream, saying: 

“I would like to apologize to the XRP community.”  

Hoskinson Seeks Cardano’s Collaboration with Ripple 

Notably, he expressed a desire to build bridges and collaborate with the XRP community on shared goals, suggesting that the approach is similar to how Cardano has been working with the Bitcoin ecosystem. 

Interestingly, Hoskinson mentioned two collaboration opportunities between Cardano and Ripple. First, he mentioned the potential integration of Cardano’s upcoming privacy-focused sidechain, Midnight, with the Ripple ecosystem. 

It is worth noting that the Midnight sidechain, which focuses on mending privacy with regulatory compliance, made its testnet launch last month. 

Secondly, Hoskinson revealed plans to participate in Ripple’s upcoming stablecoin, Ripple USD (RLUSD). This collaboration could see RLUSD launch on the Cardano blockchain in the future. 

In the meantime, the stablecoin is still in beta testing on Ethereum and XRP Ledger (XRPL). As of last month, the stablecoin had a total supply of $47.4 million, comprising $34.8 million on XRPL and $12.6 million on Ethereum.  

Ripple has been making major moves for its mainnet launch, including revealing its exchange partners and establishing an advisory board.  

Hoskinson and XRP Community Saga 

Meanwhile, the feud between Hoskinson and the XRP community revolves around a conspiracy theory suggesting that the team behind Ethereum instigated the SEC to attack Ripple, leading to the company’s multi-year lawsuit. 

Hoskinson, who was one of Ethereum’s founders, has consistently dismissed this claim. He also slammed Ripple’s team for refusing to caution XRP enthusiasts against spreading the so-called conspiracy theory. 

Hoskinson questioned a suggestion to apologize to the XRP community in May following the multi-year dispute. According to him, XRP community members misrepresented his comments, publicly harassed him, and called for his imprisonment over alleged corruption. 

However, Hoskinson has put these issues behind him and apologized, while proposing a partnership with Ripple. 

Pundit Says Shiba Inu $100B Market Cap Is Confirmed—Here’s the Price per SHIB if This Happens

Elendu Benedict
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Pundit Says Shiba Inu $100B Market Cap Is Confirmed—Here’s the Price per SHIB if This Happens

Popular market commentator Oscar Ramos has insisted that Shiba Inu will attain a $100 billion market cap, potentially flipping Dogecoin.

Shiba Inu has featured extensively in the broader market bullish uptick seen in the past seven days. For context, the second-largest meme coin by market cap has surged 16% in the past 24 hours and a staggering 53% in the past week, outperforming nearly all the assets in the top ten crypto ranking.

Shiba Inu’s exponential uptick has seen it attain a valuation of $15.3 billion, moving two places in the crypto ranking by market cap. It flipped Tron and Toncoin to enter the top ten ranking amid growing bullish momentum.

Following the price explosion over the weekend, notable market commentators have thrown in their thoughts on Shiba Inu’s next price action. Among them is famous market pundit Oscar Ramos, who predicts a three-figure billion-dollar valuation for the leading meme coin.

Pundit Says $100B Shiba Inu Valuation Is Certain

In a November 10 X update, Ramos asserts that Shiba Inu will attain a market cap of $100 billion. According to him, Shiba Inu’s explosive upward trajectory over the weekend confirms his assertion.

Notably, the market cap expectation is about 165% of Shiba Inu’s peak market cap of $37.81 billion, which the meme coin attained in October 2021. Also, the token’s market cap would grow a staggering 554% from its current $15.3 billion valuation to attain Ramos’s $100 billion cap assertion.

Meanwhile, a $100 billion market cap would take Shiba Inu up past high-caliber assets like XRP, Dogecoin, Binance Coin (BNB), and Solana to become the fourth most valuable crypto asset. Notably, this would only happen if it attains Ramos’s predicted cap while others remain at their current market cap.

Shiba Inu’s Price When It Surges to $100B Market Cap

Notably, a Shiba Inu $100 billion market cap would tremendously boost its price. At the current circulating supply of 589T SHIB, the leading meme coin would be worth $0.0001697 if it attains the said market cap.

Meanwhile, SHIB trades at $0.00002593 at press time, about 70% away from its all-time high of $0.00008845. A surge past its peak price of $0.0001697 would mean the token would surge by an impressive 555% from its current market price.

Interestingly, price appreciation of this nature is not uncommon for the second-largest meme coin by market cap. For instance, SHIB surged 379% ten days earlier in the year to reach its yearly high of $0.00003568.

Furthermore, other analysts have earlier argued that Shiba Inu would reach a $100 billion valuation. Market expert Jake Gargain stated that the token would hit the valuation, promising to delete his X account if it fails to do so.

Another analysis also highlighted that SHIB would hit the glorified $100 billion market. The Crypto Basic report, citing the Coin Perspective, shows that the meme coin will enter the $100 billion club in the near term.

Four Big Crypto Entities Can Take XRP Price to $10

Lele Jima
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Four Big Crypto Entities Can Take XRP Price to $10

Four prominent crypto entities could trigger a significant rally for XRP, potentially taking the asset’s price to $10 per token.  

XRP has witnessed slight gains over the past few days after Donald Trump emerged as the winner of the just-concluded U.S. presidential election.  

XRP Gains Stability After Plunging 14% Amid SEC Appeal Notice 

Recall that XRP’s price crashed significantly after the SEC filed an appeal notice in the Ripple lawsuit last month as part of efforts to overturn Judge Analisa Torres’ verdict, which gave the company a partial victory. 

Before the filing, XRP was trading around $0.60 on October 2, when the SEC filed the appeal notice. However, the token’s price plummeted to $0.5102 the following day, marking a decline of around 14.96% in less than 48 hours. Since the October 3 plunge, XRP witnessed a slight uptick, currently trading around the $0.55 price range. 

Currently, XRP is up 6.4% over the past week, with the token changing hands at $0.5514. 

These 4 Entities Could Take XRP Price to $10 

Amid the recent uptick, several analysts expressed confidence about XRP’s potential to secure a spot-based exchange-traded fund (ETF). Over the past months, XRP has made significant strides towards getting an ETF, thanks to Grayscale Investments, Bitwise, Canary Capital, and 21Shares. 

These four companies have brought XRP an inch closer to having its own ETF, like other top cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). 

As reported last month, Grayscale relaunched its XRP Trust, a closed-end fund that grants institutional investors exposure to the cryptocurrency. Following the fund’s launch, Grayscale revealed a four-stage growth cycle that could transform the XRP Trust into a spot ETF. 

One month later, the asset manager filed with the SEC to convert its Digital Large Cap Fund (GDLC), containing five cryptos like XRP, to a spot ETF.  

Prior to Grayscale’s filing with the SEC, crypto asset manager Bitwise had submitted an XRP ETF application with the regulator on October 1. The company first applied with the state of Delaware to launch an XRP ETF. A few hours after the Bitwise ETF filing appeared on Delaware’s Division of Corporations website, the company officially applied with the SEC to launch an ETF for XRP. 

Additionally, Canary Capital joined the list of companies seeking to introduce an XRP ETF into the market. On October 8, the investment company submitted an S-1 filing to the SEC, confirming plans to launch a spot-based ETF tied to XRP. 

Furthermore, 21Shares also applied to launch an exchange-traded fund for the seventh-biggest cryptocurrency by market capitalization. 

XRP ETF Could Take XRP to $10 

While it remains unclear whether the SEC would approve any of these applications, investors have debated how the fund could positively impact the token’s price. 

Some market observers assert that the product will likely attract institutional capital into the XRP ecosystem, boosting the token’s price to jaw-dropping targets, such as $10. 

With XRP currently trading at $0.5514, the token must surge 1,713% to reach the $10 target. At that price, a 100,000 XRP portfolio worth $55,140 today would soar to $1 million. 

XRP to $10 Predictions 

Even though the $10 prediction requires XRP’s price to increase by 1,713% from the current level to reach the target, many analysts believe the forecast is realistic. 

Last month, popular community figure General Radahn predicted that Grayscale’s relaunch of XRP Trust could potentially take the token’s price to $10. 

In August, widely followed market watcher EGRAG emphasized that XRP’s price could surge to $10.4 if Bitcoin clinches a target of $80,000. However, the analyst suggested that both assets must maintain a correlation of $0.00013 before the prediction could play out. 

In the same month, analyst Spectre left XRP enthusiasts stunned after they projected that the token would hit the $10 target in the 2024/2025 market cycle. 

Interestingly, Oliver Michel, the CEO of Frankfurt-based exchange Tokentus Investment AG, mentioned factors such as the Ripple IPO, XRP ETF, SEC lawsuit resolution, and growing adoption of the Ripple payments solution as catalysts that could take XRP’s price to $10 this year. Besides the widespread adoption of Ripple’s payment solution, the other three factors have yet to play out. 

Whether XRP hit the $10 price target in this market cycle remains to be seen. However, with Bitwise, Grayscale, Canary, and 21Shares interested in launching ETFs for XRP, combined with factors such as its legal clarity and increased use in cross-border payments, the token could hit the $10 target in the near future. 

It is imperative to note that nothing is guaranteed in the crypto world. Hence, this article is for informational purposes and should not be taken as investment advice. 

Historical Data Hints XRP May Soar 700% to 60,000% Following U.S. Presidential Elections

Sam Wisdom Raphael
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Historical Data Hints XRP May Soar 700% to 60,000% Following U.S. Presidential Elections

XRP price movements have continued to follow a pattern of repetitive symmetrical triangle breakouts after the U.S. presidential elections.

Market analyst Mikkybull recently shared an XRP chart showcasing this correlation following Donald Trump’s win in the just-concluded election. Notably, XRP has revealed a historical tendency to experience massive upsurges following the elections.

The chart confirms that XRP forms a symmetrical triangle before each U.S. election and subsequently breaks out with notable price hikes after the election. This pattern played out in 2016 and 2020. 

XRP’s Historical Patterns

Specifically, following the 2016 election on Nov. 8, XRP’s price initially dipped for about four months. However, by March 2017, XRP experienced an explosive breakout, propelling its price by an astonishing 60,000% to reach its all-time high (ATH) of $3.31.

XRP 2M Chart Mikybull
XRP 2M Chart | Mikybull

Similarly, in 2020, the Nov. 3 election sparked a massive XRP rally. The price spiked 177% in the same month before succumbing to a sharp correction in December. 

Analysts attribute this downturn to the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, which prompted a steep 66.97% decline in December 2020. Despite this setback, XRP rebounded to hit $1.96, registering a rally exceeding 700%.

XRP Eyes a Repetition

The 2024 presidential election concluded on Nov. 5. With pro-crypto candidate Donald Trump emerging victorious, market sentiment has shifted in favor of crypto assets. Some pundits, like BitBoy, already believe XRP could benefit from the forthcoming administration.

Following the latest election, Mikkybull expects the historical pattern to unfold, suggesting that XRP is on the brink of another breakout. This view is bolstered by the altcoin’s recent 22.46% gain in November.

Despite the slower-than-expected uptrend, the long-term pattern bolsters the possibility of a massive upward movement, possibly repeating its historical post-election trends. Nonetheless, Mikkybull chose not to provide any price targets for this upsurge.

XRP trades at $0.6113, with a $34.76B market cap and $2.82B twenty-hour volume. If History repeats and XRP surges by 700%, its price would reach approximately $4.89. If XRP surges 60,000%, its price would reach roughly $367.69.

Remaining optimistic, we might assume that XRP will only increase between 100% and 500% following this U.S. election. With this range, the new XRP price would be expected to range from $1.22 to approximately $3.67.

XRP Set to Flip Ethereum Once More, Expert Predicts

Lele Jima
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XRP Set to Flip Ethereum Once More, Expert Predicts

Prominent financial commentator Zach Rector makes a bold prediction for XRP, suggesting it will once again overtake Ethereum as the second-biggest crypto. 

Rector made the prediction yesterday in an X post, stating that “XRP [is] going to flip ETH again.” He attached a short clip to the post, highlighting bullish comments from Ripple CEO Brad Garlinghouse. 

Ripple CEO Optimistic About XRP Future 

The Ripple CEO expresses optimism about XRP’s potential under the Donald Trump-led administration. According to the post, Garlinghouse commended the patience of XRP investors, who endured a ‘frustrating journey’ over the past years. 

He pointed out that a lot has happened since XRP was ranked as the second-biggest cryptocurrency by market cap. 

Reflecting on XRP’s travails, the Ripple CEO said it has been six years since the SEC started getting involved with crypto, picking winners and losers. He also added that the SEC lawsuit against the company has lingered for over four years. 

Amid these challenges, XRP lost its second position to Ethereum and is currently the seventh-biggest cryptocurrency with a market cap of $31.38 billion. 

Nonetheless, Garlinghouse expressed optimism that the regulatory obstacles hindering XRP’s growth may soon be over. As this pressure fades, the Ripple CEO envisages a promising future for XRP, especially as the market experiences a major turning point following Donald Trump’s re-election. 

Investors Bullish on Trump’s Re-election 

Notably, crypto enthusiasts have remained bullish on Trump’s presidency, speculating that it could pave the way for fair and clear crypto regulations. Interestingly, Trump disclosed plans to fire Gary Gensler on his first day as president, replacing him with a pro-crypto SEC chair. 

Through this, he intends to make the United States the crypto capital of the world through clear and fair rulemaking, potentially attracting foreign investors and developers to the country. 

XRP to Flip ETH 

As the market tide shifts from the stringent to a friendlier regulatory approach, Garlinghouse believes XRP’s future is promising, with Rector speculating that the coin would once again flip ETH. 

In a follow-up video, Rector speculated that the SEC v. Ripple lawsuit, which has impacted XRP’s performance over the past four years, will be resolved under a new SEC leadership. 

He cited predictions from pro-XRP lawyers like Jeremy Hogan and Fred Rispoli, who believe there is a high possibility that the Ripple lawsuit would be settled soon. 

“[…] XRP has been set free. No more excuses. Let it fly, let it breathe! This is our time,” he echoed. 

While XRP is the seventh-biggest cryptocurrency with a $31.38 billion valuation, ETH ranks second at $364.32 billion. This indicates that XRP’s valuation must surge by 1,060% to flip ETH and potentially become the second-largest cryptocurrency. At this growth rate, XRP’s price would increase from $0.5536 to $6.42 per token.  

Here’s How Much 1 Cardano Will be Worth if ADA Market Cap Reaches $100B

Sam Wisdom Raphael
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Here’s How Much 1 Cardano Will be Worth if ADA Market Cap Reaches $100B

Cardano has the potential to retest its 2021 all-time peak if its market cap rises to claim the coveted $100 billion mark.

The crypto market has embarked on an impressive run, with Cardano being one of the biggest beneficiaries after months of underperformance. Notably, the latest market-wide upsurge came on the back of Bitcoin’s push to new peaks following Donald Trump’s win in the Nov. 5 U.S. presidential election.

Despite Cardano’s bearish performance from March to October, market analysts remained confident in the altcoin’s potential. For instance, most recently, market watcher Javon Marks predicted a potential Cardano rally to $8. 

Meanwhile, earlier in the month, another analyst, Madmaudo, argued that an ADA surge to the $3 level was long overdue. In addition, analyst Dan Gambardello projected a possible surge to $15. However, while pundits believe most of these targets are within reach, some argue that targets like $15 might not be feasible.

Cardano Price if Its Market Cap Hits $100B

The major reason behind this skepticism is the resulting market cap from loftier price targets. For context, the $15 price level would bring Cardano’s valuation to $525 billion, much higher than Ethereum’s current market cap of $365 billion. This would make ADA the second-largest crypto asset, a tall feat.

Notably, ADA’s peak market cap was $93 billion, a valuation it attained when it surpassed $3 during the 2021 bull run. However, at the current circulating supply of over 35 billion tokens, Cardano would trade at $2.77 if it reclaimed the $93 billion peak during this bull run.

Meanwhile, if ADA ever surpassed this level to claim the much-coveted $100 billion market cap level, its price could knock at the previous ATH. Particularly, with a $100 billion market cap, Cardano would trade at $2.85. While this would represent an impressive 551% increase from current prices, ADA would still be 5% away from its 2021 peak of $3.1.

ADA up 27% in November 

Notably, the likelihood of this recovery becomes clearer as the market progresses. Cardano has leveraged the latest uptrend to record an impressive 22% increase over the past seven days, making it the second-largest gainer among the top 20 assets within this timeframe, only behind Dogecoin (DOGE).

Before now, ADA had performed poorly following the collapse from the $0.8104 yearly peak in March. Significantly, from March to October, Cardano collapsed 48%. 

Interestingly, ADA had regained most of this value, up 27.88% in November with the altcoin season still ahead. At a current market cap of $15.3 billion, Cardano has now re-entered the top 10 list of largest assets after falling out of this region in August when its market cap slumped to $11 billion.

Trump’s Camp Assures the Next SEC Chair Will Be Pro-Crypto

Elendu Benedict
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Trump’s Camp Assures the Next SEC Chair Will Be Pro-Crypto

The transition team of US President-elect Donald Trump has assured that the next Chairperson of the Securities and Exchange Commission (SEC) will be pro-crypto.

The crypto industry has recently faced hostile regulatory clampdowns, especially under the incumbent SEC chair, Gary Gensler. As a result, the sector heavily backed a pro-crypto president, Donald Trump, who promised to do away with the Gensler on his first day in office.

Following Trump’s victory, discussions on who would replace Gesler have gained momentum. The Crypto Basic reported that Trump’s transition team is courting Robinhood’s CLO Dan Gallagher and a few other lawyers to replace the US SEC chair.

Meanwhile, FOX Business journalist Eleanor Terrett has provided a soothing update for crypto enthusiasts on the selection process for the next SEC boss. She revealed that the Trump transition team has its eyes only on candidates that are pro-crypto.

Pro-Crypto: A Crucial Criteria for the Next SEC Chair

In a Friday tweet, Terrett revealed that she contacted a source close to Trump’s transition team to discuss the names making the rounds as Gensler’s successor. The journalist also noted that she inquired if the team considered the candidate’s perception of cryptocurrency in the selection process.

Notably, Terrett stated that she got an elating response from her anonymous source for the crypto community. She mentioned that the Trump transition team confirmed that the next SEC chair would be one who believes in and supports the nascent technology.

Meanwhile, the response aligns with Trump’s promises to the sector. During his campaign days, he unequivocally insisted that he supports cryptocurrencies and intends to foster their growth through his policies.

Crypto Sector Brace Up for Regulatory Clarity

Amid the positive development, the US crypto sector seems headed for regulatory clarity after uncertainties have prevailed in recent years. Notably, the industry’s leaders have bemoaned that Gensler imposed unclear laws and handled the growing sector like a tyrant.

Following Trump’s electoral conquest, Coinbase’s CLO Paul Grewal has urged the SEC to refine its dealings with the crypto industry. He encouraged the Wall Street regulator to pursue interaction with exchanges over litigation, as observed in the over 100 lawsuits brought against them under Gensler.

The imminent change in the SEC hierarchy could also bring an end to Ripple’s years-long legal battle with the regulator. Despite the final court decision, the SEC has pushed to appeal parts of the ruling.

$0.01 Technically Possible for Shiba Inu with $589T Market Cap — Here’s Only Way SHIB Can Reach It with Lower Valuation

Lele Jima
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0
$0.01 Technically Possible for Shiba Inu with $589T Market Cap — Here’s Only Way SHIB Can Reach It with Lower Valuation

This article highlights how Shiba Inu could reach the coveted $0.01 price target at a lower valuation than the required $589 trillion market cap.  

The potential of Shiba Inu’s surge to the $0.01 target has been a major dream for many SHIB holders. Many investors are already considering how to go on early retirement if Shiba Inu ever achieves this milestone. 

However, Shiba Inu is currently trading far below the $0.01 target, which requires the token to surge tremendously to reach one cent. Currently, Shiba Inu is changing hands at $0.00001906, down 0.09% over the past 24 hours. This suggests that Shiba Inu must surge 52,365% from the current price to reach the $0.01 target. 

If Shiba Inu hits the $0.01 target, a portfolio of 52.5 million SHIB, which costs about $1,000 today, would be worth $525,000. 

Market Cap Required For Shiba Inu Surge to $0.01 

Given Shiba Inu’s hefty supply of 589.26 trillion tokens, Shiba Inu requires a market cap of $5.89 trillion to reach the one-cent goal. This valuation is more than twice the global crypto market cap, which currently stands at $2.61 trillion. 

At the moment, Shiba Inu is valued at $11.21 billion and ranks as the 13th-biggest cryptocurrency on CoinMarketCap. Therefore, Shiba Inu’s market cap must surge 52,365% to reach the projected valuation of $5.89 trillion. 

Based on the hefty growth demand and Shiba Inu supply, many analysts think the $0.01 target will never be achieved. 

Only Way Shiba Inu Can Hit $0.01 with a Lower Valuation 

Shiba Inu’s hefty supply poses a significant challenge to SHIB’s dream of hitting the $0.01 target. The current supply of 589.26 trillion SHIB requires Shiba Inu to surge 52,365% to claim the $0.01 target. 

Hence, Shiba Inu could only hit the $0.01 target at a lower valuation through aggressive burns. This process requires users to send SHIB to the official dead wallet, potentially reducing its supply and driving its price. 

Shiba Inu, which launched with a supply of 1 quadrillion tokens, has witnessed the incineration of 410,737,173,158,335 (410.73 trillion) SHIB. While this effort is commendable, there is still a need for large-scale burns. 

This can be achieved through several community initiatives, ecosystem developments, and potential collaborations with top projects. Interestingly, Shiba Inu community members are also proposing an initiative that could see Ethereum integrate SHIB as a gas token alongside ETH. They suggested that the tokens accumulated via this initiative would be automatically burned to reduce SHIB’s supply and boost its price drastically.   

Meanwhile, the team behind the Shiba Inu ecosystem is also committed to enhancing burns via Shibarium. Notably, the L2 blockchain is designed to burn SHIB using some of its fees. Since its launch last year, Shibarium has burned over 55 billion SHIB, with more tokens expected to burn amid a spike in the network’s transaction volume. 

As Shiba Inu experiences more large-scale burns, the canine-themed token would require a lower valuation instead of the $5.89 trillion market cap to hit the $0.01 target. 

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