thecryptobasic.com
Shiba Inu (SHIB) could surge above the $0.00004 price territory if its market capitalization rises to the same level as the current market valuation of Dogecoin (DOGE).
Shiba Inu met its goal to dethrone Dogecoin as the largest memecoin in the market during the 2021 bull run. Data from CoinMarketCap suggests that SHIB hit a market cap of $37.8 billion in October 2021, towering over DOGE, whose market cap at the time stood at $32 billion.
However, Shiba Inu’s market valuation collapsed when it slumped from the $0.00008845 all-time high. The crypto asset continued to shed off more of its valuation amid the market downturn and black swan events such as the Terra and FTX implosions.
With the recent resurgence in Bitcoin’s (BTC) price as the market prepares for the bull run, Shiba Inu is seeing a gradual rejuvenation of its market cap. Amid the recent price surge, the asset’s valuation surged from $7.16 billion at the end of February to a high of $26.26 billion as of March 5.
SHIB flipped Polkadot (DOT) and Polygon (MATIC) to become the 13th largest asset, and then pushed further to secure the 10th position. However, Shiba Inu, with a current valuation of $19.9 billion, has still not equaled Dogecoin’s market cap, which currently stands at $24.83 billion, making DOGE the ninth largest asset.
Shiba Inu Price at Dogecoin Market Cap
As Shiba Inu proponents anticipate the token to overtake Dogecoin in valuation, we analyzed how much the asset would need to rise to capture Dogecoin’s market cap. Moreover, this assessment also provides insights into Shiba Inu’s price if it equals DOGE’s market cap.
For context, Shiba Inu currently boasts a market cap of $19.9 billion following a correction from the $26.26 billion high. Meanwhile, Dogecoin’s market valuation towers above the $24 billion mark, currently sitting at $24.8 billion.
Notably, we leveraged a comparison tool to assess these values. Data suggests that Shiba Inu’s price would need to surge by just 25% or 1.25x if the asset is to hit Dogecoin’s market cap. Currently trading for $0.00003364, a 52% rise would bring SHIB’s price to $0.00004205.
At this price, Shiba Inu’s market cap would soar to the $24.8 billion mark, supposing its circulating supply remains fairly stable. There is absolute confidence among investors that SHIB is capable of recording such a price rally.
This confidence is triggered by the asset’s latest surge, which has seen it rally by a massive 264% over the past month. However, while SHIB is currently in a bullish uptrend, there is no guarantee that the asset could secure another 25% surge to hit $0.00004206.