Cryptocurrency

Here’s Shiba Inu Price if SHIB Grabs 7% of the Entire Crypto Market Cap

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.

Read Also: If History Repeats, Here’s How High Shiba Inu (SHIB) Price Could Rise in February

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?

Read Also: Shiba Inu Whales Halt Activity as 228T SHIB Barrier Looms. Here’s the Significance

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.

Recent Posts

Dogecoin Price Forecast: Bulls Resume Uptrend To $0.3, But Can It Reach There Before ETFSwap (ETFS) Goes From $0.05769 To $3?

The Dogecoin price continues to make waves in the crypto market, with the bulls targeting…

2 hours ago

As RCO Finance Token Presale Nears Closure Here’s Why It’s Your Last Chance for Monumental Gains

Investors are excitedly buzzing as the RCO Finance token presale approaches its final weeks. This…

4 hours ago

Trading Becomes Exciting with Plus Wallet’s Reward Programs—SafePal & Bitget Wallet Enhance User Offerings

The latest SafePal Wallet update introduces a banking gateway and a crypto Visa card, taking…

6 hours ago

BlockDAG Soars with $112.5M Presale Success & 100% Bonus! Plus, BNB Drops & Chainlink Targets Peaks

BNB has fallen below $595, hinting at possible bearish trends with a crucial barrier at…

7 hours ago

The 5 Premier Crypto Wallets of 2024 — What Makes Them Superior?

Securing an efficient and robust crypto wallet in 2024 is crucial for managing digital assets…

8 hours ago

BlockDAG Heats Up the Crypto Market with a 100% Bonus Offer—Can Solana & APT Compete?

Cryptocurrency enthusiasts have long sought out investments with solid prospects, and recent trends offer a…

8 hours ago