Cryptocurrency investor JAKE (@JakeGagain) has reignited discussions within the crypto community by reiterating his belief that Shiba Inu (SHIB) will be the first meme coin to reach a $100 billion market capitalization.
This bold claim follows SHIB’s recent surge, where it briefly surpassed the $20 billion mark and secured a spot among the top 10 crypto assets by market cap. Despite a subsequent price correction, JAKE remains bullish on Shiba Inu’s long-term prospects.
$SHIB Will Be The First 100 Billion MC Memecoin. pic.twitter.com/YogeSb2E7q
— JAKE (@JakeGagain) March 15, 2024
Read Also: Shiba Inu Lead Dev Shares Next Target For SHIB in Cryptic Post
JAKE’s Optimism and Community Reaction
JAKE’s latest statement builds upon his earlier prediction that SHIB will achieve a $100 billion market cap during the current bull run. This initial claim sparked significant debate within the crypto community, with Shytoshi Kusama, the lead developer for Shiba Inu, acknowledging the prediction. Now, JAKE has doubled down on his stance, and his suggestion that SHIB can reach this milestone could help it surpass its main competitor, Dogecoin (DOGE).
The Shiba Inu vs. Dogecoin Rivalry
Shiba Inu briefly eclipsed Dogecoin’s market cap in October 2021, reaching its all-time high of $0.00008845. However, the broader market downturn caused SHIB’s price to plummet, allowing DOGE to regain dominance. Until recently, SHIB struggled to close the gap with its meme coin counterpart. However, the recent market rally presented a new opportunity.
SHIB’s Recent Rise and Missed Opportunity
Over one week, Shiba Inu experienced a meteoric rise, climbing eight positions in the crypto rankings to enter the coveted top 10. At this point, SHIB trailed closely behind DOGE, with a market cap difference of approximately $3 billion.
This surge was fueled by Bitcoin’s rise to a new all-time high. The dedicated SHIB Army mobilized to surpass Dogecoin, but a sudden market downturn halted their momentum.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: SHIB Remains As Coinbase Removes Bitcoin, Dogecoin, From Payment Products
Current Market Landscape and the Road Ahead
SHIB has dropped out of the top ten, currently ranked #11 because of the 30.07% price decline over the past week. The digital asset is trading at $0.00002481 and has fallen drastically over the past 24 hours, showing a 15.31% decline. SHIB’s market cap is at $14.6 billion, while Dogecoin is still at #9 with a market cap of $20.3 billion.
For SHIB to reach JAKE’s target of $100 billion, it would require a staggering increase of 584.9% from its current market cap. Assuming SHIB’s current circulating supply of 582.5 trillion tokens, SHIB would reach $0.0001716, far above its current all-time high. Shiba Inu has conquered the rest of the meme coin market, and Dogecoin will soon join that list.
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