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The Shiba Inu price could potentially erase two leading zeros and trigger a massive spike in market cap if SHIB manages to spike up to 10,000%.
Notably, the crypto market has faced turbulence over the past seven months. This turbulence has been a direct effect of the correction that began in March 2024. SHIB is one of the victims of the market-wide challenges, having dropped from its yearly peak of $0.000045 in early March.
Shiba Inu Halts Rally
The current issues have dampened the rally potential of multiple assets, including Shiba Inu. For instance, SHIB spiked by over 360% within two weeks to reach $0.000045. However, the roadblock at this level halted the upsurge.
Interestingly, data from on-chain intelligence platform IntoTheBlock confirms this potent resistance level. Per IntoTheBlock, Shiba Inu faces a massive supply wall between $0.000036 and $0.000045. Notably, about 63,950 addresses hold 12.61 trillion SHIB at this level.
Since Shiba Inu’s collapse from the $0.000045 high, it has been unable to reclaim the price region. Despite the lack of conviction, investor optimism remains high. One major catalyst of this optimism is the ton of analyses predicting SHIB to recover $0.000045 and even aim higher targets like $0.000081.
Some market commentators cite Shiba Inu’s historical success as motivation. For context, CoinGecko confirmed that SHIB transformed $12 to $1 million from 2020 to 2021 amid an impressive 8,424,203% rise within 453 days.
Amid the bullish predictions, varying degrees of rallies have surfaced. For instance, Shiba Inu marketer Lucie recently suggested SHIB is capable of rallying 1,000% within a short period.
Shiba Inu Price and Market Cap After 1,000%, 5,000% or 10,000% Rally
In April, a market analyst argued that Shiba Inu is among multiple meme coins that could rise 5,000% or 50x. Another analyst Ava Monaro predicted in July that SHIB could rise 10,000% along with other tokens following the launch of Ethereum ETFs.
If Shiba Inu manages to secure any of these projections, its price would hit unprecedented levels. Notably, Shiba Inu price currently trades for $0.000017. A 1,000% rise from this price level would push prices to $0.000187. This price point translates to a market cap of $110.14 billion for SHIB.
Meanwhile, if Shiba Inu secures a 5,000% rally, its price could theoretically increase to $0.000867. Such a price would lead to a SHIB market cap of $510.6 billion, nearly half of Bitcoin’s (BTC) current valuation, and much higher than of Ethereum (ETH).
Lastly, a 10,000% rally from SHIB would result in a price of $0.001717, leading to a market cap of $1.01 trillion, nearly reaching Bitcoin’s valuation. However, it bears mentioning that these projections are merely hypothetical and should not serve as investment advice.