Shiba Inu (SHIB) price actions have always emerged as a heavily debated topic in the crypto sphere. Over the years, the second-largest meme coin has been projected to several price levels, including ridiculous and reasonable price targets.
While there is no guarantee that Shiba Inu (SHIB) will reach either of the incredible or feasible price targets, the condition for SHIB to establish sustainable price expansion has always hinged on reducing its massive supply.
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For context, Shiba Inu (SHIB) boasts a supply pool of approximately 589 trillion tokens, which would take a significantly high incineration rate to create the scarcity that could induce a massive price appreciation.
Nevertheless, Shiba Inu (SHIB) could still attain remarkable prices if it can grab a significant part of the world’s crypto market cap.
It is worth noting that the overall crypto market cap is the sum of individual cryptocurrency market caps. In addition, the market cap for each crypto asset is obtained by multiplying the coin’s selling price with its circulating supply.
Shiba Inu (SHIB) Makes Up Less Than 1% Of Overall Market Cap
While drafting this report, CoinGecko revealed that the global crypto market cap is standing at $1.71 trillion. Bitcoin (BTC), the largest crypto asset by market cap, makes up about 48.5% of the overall market cap.
On the other hand, Shiba Inu (SHIB) boasts a market cap of about $5.3 billion, implying that it only made up approximately 0.3% of the overall market cap.
Having established the above facts, what would happen to the Shiba Inu (SHIB) price if it captures a higher percentage of the overall market cap without triggering any significant burn?
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If SHIB Captures 7% of the Overall Market Cap
Grabbing up to 7% of the world’s crypto market cap implies that the Shiba Inu (SHIB) market cap will skyrocket to about $119.7 billion, a 2,158.5% increase from current standings.
A market cap of $119.7 billion means that the price of SHIB will surge to approximately $0.0002. With the Shiba Inu (SHIB) burn campaign gaining more momentum, SHIB is expected to reach higher prices.
Meanwhile, SHIB is changing hands at about $0.000009, which invariably implies that hitting $0.0002 would indicate a 2,122% spike.
While it somehow sounds ridiculous to grab 7% of the entire crypto market cap, it is worth noting that the Shiba Inu (SHIB) market cap rose to about $41 billion during the bull market of 2021 when it recorded its price all-time high.
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