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Industry Expert Envisions Shiba Inu Hitting $1T Market Cap

source-logo  thecryptobasic.com 17 June 2024 09:13, UTC

Casey Stubbs, founder of Trading Strategy Guides, portrays an optimistic outlook about Shiba Inu potential, projecting a $1 trillion market cap for SHIB and BONE.

In an X post yesterday, Stubbs said he envisions a day when Shiba Inu’s Layer-2 blockchain Shibarium would witness widespread adoption. He envisages a future when thousands of Shiba Inu (SHIB) and Bone ShibaSwap (BONE) pairs are actively traded on ‘Shibarium,’ with 24-hour volume worth billions of USD.

Through this hypothetical scenario, Stubbs foresees SHIB and BONE potentially hitting a trillion-dollar market cap. He made the projection while reacting to an X post from Shibarium’s Discord and Telegram moderator SpecialK.

I am envisioning a day where there are thousands of shib and bone pairs trading on shibarium with billions of dollars worth of transactions daily and trillion dollar market cap. https://t.co/puSwMgBWoP

— Casey Stubbs (@caseystubbs) June 16, 2024

According to the post, SpecialK characterized Shibarium as the backbone of Shiba Inu, projecting that the L2 network could redefine standards within the crypto space. Furthermore, he urged investors to prepare for a transformative journey that will elevate Shiba Inu to unprecedented levels of innovation and impact.

Shibarium Adoption Rate

Although Stubbs and SpecialK envision an optimistic future for Shibarium, the network’s adoption rate has declined massively in recent times. Since this month, the network has been averaging daily transactions of less than 10,000.

This sharply contrasts the figures recorded in December 2023, when the stats surged to between 5 million and 7.5 million.

Consequently, Shibarium has processed only 17.72 million transactions since March 7, 2024. Despite its low adoption rate, Stubbs and SpecialK are optimistic that the network would witness a significant turnaround.

SHIB and BONE Prices if They Reach $1 Trillion Market Cap

This could positively impact the prices of Shiba Inu ecosystem tokens, including SHIB and BONE. At the moment, both tokens are far from hitting the $1 trillion market cap Stubb envisions.

While SHIB boasts a market cap of $11.94 billion, BONE has a valuation of $123.34 million. They are priced at $0.00002018 and $0.53, respectively.

A trillion-dollar market for SHIB could bring its price to $0.016 per token if the circulating supply of 589.27 trillion remains constant. Similarly, BONE could be worth $4,349 per token if its market cap hits $1 trillion.