thecryptobasic.com
Prominent cryptocurrency expert Jake Gagain makes a bold bet regarding the future market capitalization of canine-themed token Shiba Inu (SHIB).
In an X post today, Gagain projected that Shiba Inu will reach a market cap of $100 billion. The expert promised to delete his X account if Shiba Inu fails to hit the target.
This shows that Gagain is confident in Shiba Inu’s prospects to the extent that he is willing to risk his X account if the prediction does not materialize.
Potential Reasons Fueling Gagain’s Forecast
His confidence could stem from the positive developments happening within the Shiba Inu ecosystem.
They include increased SHIB burns, widespread adoption, and the token’s transition from a memecoin to a utility token.
As reported earlier, Shiba Inu recently bolstered its utility following the project’s partnership with Mass Finance Inc. The collaboration is expected to “elevate SHIB to the next level” as Mass Finance becomes the financial layer of the Shiba State.
A Risky Bet
For context, Gagain is a prominent figure on Crypto Twitter and has amassed over 317,200 followers since joining the microblogging platform in November 2021.
Despite this, Gagain said he would delete his X account if SHIB does not reach a $100 billion market cap, emphasizing his confidence in the asset. He did not set a timeframe for Shiba Inu to reach the $100 billion valuation.
However, this is not the first time that Gagain has made this type of forecast for Shiba Inu. In July, he speculated that Shiba Inu would hit a valuation of $100 billion in the 2024/2025 market cycle. During his previous forecast, Gagain did not promise to delete his X account as he did recently.
Significance of Shiba Inu Surge to $100B Market Cap
A move to a $100 billion market cap would lead to a significant surge in SHIB’s price. At press time, Shiba Inu is trading at $0.00001824, with a market cap of $10,744,316,502 ($10.74 billion).
Hitting the $100 billion market cap requires Shiba Inu’s valuation to surge by 830.72% from the current value.
Applying this 830.72% growth rate to Shiba Inu’s price would see a unit of SHIB worth $0.00016976, assuming the token’s circulating supply remains fairly stable at 589.27 trillion.
This would represent a new all-time high (ATH) for the dog-themed token. At this price, a portfolio of 5.89 billion SHIB, currently worth $107,445, will be valued at $1 million.
Prediction of Shiba Inu Surge to $0.00016 or $100B Market Cap
Meanwhile, several analysts are optimistic that Shiba Inu could hit a price target of $0.00016 or a $100 billion market cap in its lifetime. For instance, Gagain has repeatedly forecasted Shiba Inu’s potential surge to a $100 billion market cap. In March, he asserted that Shiba Inu would be the first memecoin to hit the $100 billion valuation.
Three months later, famous crypto analyst Zach Humphries forecasted that SHIB could hit the $100 billion valuation this market cycle. The following month, TradingView analyst Abmoon identified six potential targets for Shiba Inu, with the ultimate goal set at $0.000165.
Although Abmoon initially set the targets in November 2023, the chartist called attention to the forecast in July after air purifying company Kronos added support for Shiba Inu payment.