thecryptobasic.com
The Shiba Inu goal to reach new heights could materialize if its market cap grew to the $100 billion mark amid a rapid price rally.
Shiba Inu has had an impressive run since its inception in August 2020. The canine-themed meme coin secures the spot as one of the most successful assets in this decade, even outperforming industry giants such as Bitcoin (BTC) and Ethereum (ETH).
Shiba Inu’s Historic Performance
Notably, among the top 100 cryptocurrencies, SHIB has recorded some of the highest all-time gains, with price tracking resource CoinMarketCap pegging this rate at 1,398,289%. Shiba Inu’s historic performance from 2020 to 2021 contributed largely to this figure, and has become the source of optimism among investors.
Amid the sustained optimism, several market experts have predicted ambitious price targets for Shiba Inu. For instance, market watcher Javon Marks insists a rally to a $0.000081 target looms. While Marks’ target is readily achievable, investors have also witnessed more audacious projections.
One such target is the $0.00017 goal from market commentator Oscar Ramos. In addition, another analyst LuckSide predicted last month that a Shiba Inu breakout could push the token to a massive $0.001 price level. Currently trading for $0.00001866, Shiba Inu would need to rally 436% to reach $0.0001 and 5,259% to clinch $0.001.
However, other market commentators have expressed doubt that some of these audacious targets could materialize. While analyst E Obez believes Bitcoin could clinch $90,000 next year, he argued that a Shiba Inu rise to $0.001 would not be happening.
Can SHIB Hit $0.001 or $0.0001 at a $100B Market Cap
The major reason behind the skepticism is the resulting market cap from certain high prices, with SHIB’s circulating supply currently sitting at 589 trillion tokens. They believe there would not be enough capital to sustain some of these resulting market valuations.
For context, Shiba Inu’s peak valuation was $39 billion attained in late 2021. Despite a drop to $10.91 billion at press time, Shiba Inu has the potential to claim a $100 billion market cap. Market analyst Jake Gagain echoed these sentiments in a commentary three months ago.
At a $100 billion market valuation, Shiba Inu’s price will have spiked to $0.0001697, close to the $0.00017 target set by Oscar Ramos. This assessment confirms that SHIB would surpass $0.0001 at a $100 billion market cap.
However, the more ambitious $0.001 target would not be realized with this valuation. If Shiba Inu ever captured the $0.001 level, this would translate to a market cap of $589.2 billion, much higher than the current valuation of Ethereum (ETH), the second-largest crypto asset.