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Cryptocurrency News Articles
Shiba Inu (SHIB) Could Hit a New All-Time High if It Captures Half of Bitcoin's (BTC) Market Cap
Sep 28, 2024 at 12:48 pm
This article analyzes how Shiba Inu (SHIB) could hit a new all-time high if it captures at least half of Bitcoin's (BTC) market cap.
Shiba Inu (SHIB) has shown signs of recovery amid the recent uptrend in the broader crypto market, surging by 11.46% in 24 hours from September 18 to 19. The token experienced a slight retracement after its latest gain but continues to trade above the $0.000014 mark.
As of press time on September 20, Shiba Inu is trading at $0.00001429, showcasing a 7.63% weekly increase. However, SHIB is still down 68.24% from its yearly peak of $0.000045.
Despite the significant decline from its all-time high, several market observers have maintained their optimism regarding SHIB's future prospects, keeping investors' hopes alive with favorable predictions for the dog-themed token.
Some experts have boldly forecasted that Shiba Inu could reach greater heights in the future, potentially capturing half of Bitcoin’s (BTC) market cap. With SHIB currently trading at $0.00001429, the token has a market valuation of $8.52 billion, ranking as the 13th largest cryptocurrency.
Bitcoin, on the other hand, stands as the world's biggest crypto, boasting a market cap of $1.24 trillion. Notably, half of Bitcoin’s market cap is $620 billion, which is still 72.7 times higher than Shiba Inu's valuation. This $620 billion could become Shiba Inu’s valuation if SHIB eventually captures half or 50% of Bitcoin’s market cap.
If Shiba Inu manages to capture half of Bitcoin’s market cap of $620 billion, its price will skyrocket from $0.00001429 to $0.00105, marking a massive gain of 7,277%. At this new price, a portfolio of 100 million SHIB, which is currently valued at $1,429, would be worth $105,000.
The $0.001 target has gained significant attention within the Shiba Inu community, with many enthusiasts expressing their belief that SHIB might hit this target in the coming years.
Earlier this year, analysts at Changelly forecasted that Shiba Inu could hit the $0.001 target by 2032, eight years from now. As reported earlier, the analysts set Shiba Inu’s 2032 average target at $0.00109. However, in an updated report, Changelly now expects SHIB to hit $0.001 by 2033, predicting a maximum price of $0.001199 by then.
Hitting the $0.001 target within this timeline could seem like a major challenge for Shiba Inu due to its large circulating supply. But SHIB has experienced remarkable gains in the past despite having a bigger supply.
For example, Shiba Inu saw an impressive rally of 7,692,207% in the 2020/2021 bull rally. During this period, a small amount of 410.24 trillion SHIB have been incinerated. Currently, Shiba Inu’s total burns now stand at over 410.72 trillion, according to data from Shibburn.
Furthermore, the Shiba Inu ecosystem team is making progress in boosting SHIB’s adoption in the future by rolling out interesting projects like Shiba Eternity, SHIB: The Metaverse, and Shib Hub, among others. Whether SHIB could hit the $0.001 target in the coming years remains to be seen.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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