thecryptobasic.com
Shiba Inu price could soar to new highs if the meme coin reclaims its peak market dominance from 2021 when the global crypto market hits $40 trillion.
Notably, as the broader crypto market faces a significant pullback amid the recent Bitcoin (BTC) price correction, altcoins such as Shiba Inu have witnessed the largest impact. Specifically, Shiba Inu price has dropped nearly 15% this week, now sitting at $0.00001235.
Shiba Inu Remains Below March 2024 Peak
Discouragingly, this position is far below investor expectations. For context, at the current price, the meme coin is 72% down from its March 2024 peak of $0.00004563. Despite the bull run taking shape since Q4 2024, $SHIB has failed even to reclaim this price, much less its October 2021 $ATH.
Nonetheless, market analysts remain optimistic, expecting Shiba Inu price to recover to new heights sometime in the future. Whether this will materialize in this bull run or in a future one remains to be seen. Essentially, the consensus is $SHIB would eventually surpass the $0.00008845 $ATH.
While lofty targets such as $0.01 have emerged in recent times, most investors remain pessimistic. However, The Crypto Basic recently assessed a more realistic scenario: what if Shiba Inu reclaims its peak market dominance and the global crypto market cap reaches $40 trillion?
For context, Cardano bull Dan Gambardello predicted last June that the global crypto market cap could hit $40 trillion. At the time, the figure stood at $2.5 trillion. While Gambardello admitted that he is not sure when his projection will materialize, he insisted that it will definitely happen.
Shiba Inu Price if Global Market Cap Hits $40T
Meanwhile, Shiba Inu attained its peak market dominance when it claimed its all-time high of $0.000088 on Oct. 28, 2021. Given the circulating supply of 589.5 trillion tokens, $SHIB’s market cap at the time rose to $51.9 billion at the $ATH.
However, CoinMarketCap data confirms that the global crypto market cap then stood at $2.6 trillion. This figure brought Shiba Inu’s market dominance to 1.99%. Notably, this marked the asset’s peak market dominance, as this metric has continued to collapse since then. Currently, $SHIB has a market dominance of 0.23%.
If the meme coin reclaimed its market dominance of 1.99% and the global crypto market cap hit $20 trillion as predicted by Gambardello, its market cap would soar to $796 billion. At this $796 billion valuation, Shiba Inu price would soar to $0.00135, marking a new all-time high.
For Shiba Inu price to reach $0.00135 from the current level, it must increase by 10,426%. Interestingly, market analyst Krao projected in September 2024 that Shiba Inu could claim the $0.001 mark. Further, Changelly analysts expect Shiba Inu price to reach the $0.001 level in January 2040.
Meanwhile, if Shiba Inu maintained its current market dominance of 0.23% when the broader crypto market reached $40 trillion, its market cap would reach $92 billion, still representing a new peak. At this valuation, Shiba Inu price would sit at $0.0001560.