Emily Walker
The price of Shiba Inu has been closely linked to Dogecoin, as both are the top meme coins by market capitalization. This has sparked discussions about what SHIB’s value could be if it matched Dogecoin’s market cap.
Projected Shiba Inu Price at Dogecoin’s Market Cap
According to MarketCapOf, if Shiba Inu were to achieve a market cap of $28.7 billion like Dogecoin, its price would rise to $0.00004883. Such a surge would signify a price increase of over 250% from its current value. Presently, SHIB holds a market cap of $11.1 billion, making it roughly 39% of DOGE’s market cap.
It’s important to note that Shiba Inu has previously reached the $0.00004883 mark, with an all-time high (ATH) recorded at $0.00008845. If SHIB were to hit $0.00004883 or its all-time high again, it would have an even greater market cap now due to the billions of SHIB tokens that have been burnt since its peak.
Contrastingly, Dogecoin operates on an inflationary model, meaning that even if it returned to its ATH of $0.73, its market cap would be lower than before. During its peak in 2021, Dogecoin’s market cap soared to $80 billion, but now that price point would equate to only about $0.50.
If Shiba Inu reaches Dogecoin’s market cap, it would position itself as the eighth-largest cryptocurrency, taking over Dogecoin’s current ranking.
Anticipated Target Breach for SHIB
The Shiba Inu price is poised to exceed the $0.00004883 target in the near future, according to crypto analyst Javon Mark. He believes SHIB is gearing up for a significant price rally towards its all-time high. In a recent post on X, he emphasized that Shiba Inu is on the verge of a confirmed Hidden Bull Divergence and has indicated a breakout.
Mark also suggested that the ongoing Bitcoin bull market could significantly influence this price movement. Given the historical correlation between Bitcoin and Shiba Inu, any upward trend in Bitcoin could similarly elevate SHIB’s price. Data from IntoTheBlock reveals a correlation coefficient of 0.54 between the two, indicating a positive relationship. With a strongly optimistic outlook, Mark is confident that SHIB could achieve a 300% price rally to its current ATH soon.
At the time of writing, Shiba Inu is trading at approximately $0.000019, reflecting a more than 2% increase in the past 24 hours, based on data from CoinMarketCap.