If SHIB Becomes a Top-Five Cryptocurrency by Market Cap, the Impact on Shiba Inu's Price Would Be Massive

If SHIB becomes a top-five cryptocurrency by market cap, the impact on Shiba Inu's price would be massive

Shiba Inu (SHIB) has dropped out of the top 10 cryptocurrency by market cap following a recent price pullback. The meme coin previously flipped Cardano (ADA) to become the tenth-largest crypto asset with a market cap of $16 billion in May.

However, SHIB has since dropped to the 18th spot among the largest crypto assets, with a valuation of $8.7 billion. This is because Shiba Inu failed to rally as much as the rest of the market during the Donald Trump-led market-wide upsurge.

Despite this, some believe Shiba Inu has the potential to reclaim a top 5 position, with projections of a massive rebound dominating the scene.

Interestingly, lead developer Shytoshi Kusama suggested last November that his vision is to take SHIB to not just the top 10 list of largest crypto assets but the top 5. According to Kusama, this goal could be realized within the next five years. Notably, the ecosystem team has persistently championed developments to boost Shiba Inu’s utility, including Shibarium, SHIB Metaverse , and others.

But what implications would this hold for its price? For context, Binance Coin (BNB) currently holds the fifth spot on the market cap rankings, boasting a valuation of $89 billion. For Shiba Inu to enter the top 5 list, it must first displace BNB from its current position.

To do this, the asset would need to claim the $89 billion market cap, which would mark its highest valuation. According to CoinMarketCap, Shiba Inu’s highest price was $0.00008454, attained in October 2021. If SHIB reaches an $89 billion market cap, this will translate to a price of $0.0001509 for the meme coin, considering its circulating supply of 589 trillion tokens.

This represents a new all-time high. With Shiba Inu currently trading for $0.0001391, reaching the $0.0001509 price would require a 912% increase.

Interestingly, several analysts have projected a price spike to the $0.00015 region for SHIB. For instance, last July, market watcher Javon Marks predicted a Shiba Inu rise to $0.00015, as SHIB maintained a position above a resisting trendline. Also, in September 2024, another analyst Dexter set a long-term target of $0.00015 for SHIB.