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Shiba Inu price will hit the $0.000159 threshold if SHIB is able to capture a $92 billion market cap, the peak valuation secured by Dogecoin (DOGE).
Media personality and Bitcoin investor Moataz “Eljaboom” Elsayed recently spotlighted this reality while discussing the rate of appreciation required for some prominent meme coins to capture Dogecoin’s all-time high market capitalization.
Dogecoin Dominance and Peak Market Cap
For context, Dogecoin, the original meme coin, crossed the $90 billion market cap in May 2021. This feat came on the back of an impressive price surge, which saw the meme coin clinch an all-time high price of $0.7316. Tesla CEO and X CTO Elon Musk was a pivotal figure on this journey, relentlessly declaring support for Dogecoin.
Now, at its current price of $0.148, DOGE is 79.8% below the all-time high. In addition, its market cap has dropped tremendously to $21.37 billion, per market data sourced by CoinGecko. Despite this collapse, Dogecoin has retained its position as the largest meme coin, as other tokens such as Shiba Inu have witnessed comparable declines.
Particularly, SHIB, the second-largest meme coin, is looking to overtake Dogecoin as the dominant meme coin. However, with Shiba Inu’s market cap currently sitting at $14.14 billion, it would need to capture an additional $7.23 billion in valuation to compete with DOGE. Such an increase in market cap would require a massive price surge.
Shiba Inu Price at $92B Market Cap
Nonetheless, Eljaboom’s assessment presents the prospect of a more substantial price surge. Notably, the Bitcoin proponent emphasized that Shiba Inu’s market cap would need to increase by approximately 600% for it to claim Dogecoin’s $92 billion peak valuation.
𝗗𝗢𝗚𝗘 𝗠𝗖𝗮𝗽 𝗥𝗲𝗮𝗰𝗵𝗲𝗱 $𝟵𝟮 𝗕𝗶𝗹𝗹𝗶𝗼𝗻 𝗜𝗻 𝟮𝟬𝟮𝟭
% Gain For Each Memecoin If They Hit $92B MCap
$SHIB: 600%$PEPE: 2,300%$WIF: 3,500%$FLOKI: 5,000%$BONK: 6,000%$BOME: 12,100%$MEME: 22,000%$KOKO: 642,610%
How many of these are realistically possible…— Elja (@Eljaboom) June 7, 2024
Assuming SHIB’s circulating supply remains stable at 589 trillion tokens, Shiba Inu price at the $92 billion market cap would reach $0.0001561. The $92 billion market cap would represent a 123% increase from Shiba Inu’s peak valuation of $41 billion, attained in October 2021.
This height would mark a new all-time high value for Shiba Inu, as well as a new top market valuation. While the $0.0001561 might appear ambitious, crypto analyst Javon Marks previously predicted that Shiba Inu price could soar to the $0.00015 price level.
Meanwhile, Eljaboom also confirmed that other tokens in the meme coin market would require a more substantial surge to reach the $92 billion valuation. For instance, Pepe, the frog-themed meme sensation, must spike 2,300% to reach this market cap. In addition, dogwifhat (WIF) and Floki would respectively need spikes to the tune of 3,500% and 5,000%.
Further, Solana-based meme coins Bonk (BONK) and Book of Meme (BOME) would need to respectively surge by 6,000% and 12,100% to reach the $92 billion market cap. This assessment indicates that despite the rallies recorded by these newer meme coins, they are still a long way from threatening SHIB and DOGE. Also, Shiba Inu has a higher chances of displacing Dogecoin.