Despite a 1.22% decline in the past 24 hours, there are still ongoing discussions about the meme coin reaching $0.01. These discussions were further intensified by Lola (@CryptoLollla), a prominent member of the Shiba Inu community. They are centered on the excessive market supply of Shiba inu at 589 trillion causing uncertainty about SHIB reaching that target.
If SHIB’s supply were to remain stationary, trading at $0.01 would boost the market cap to $5.89 trillion. However, the crypto market currently stands at 1.63 trillion, making the $0.01 price target closely impossible.
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An Astonishingly Large Market Cap
Lola, who believes that the token could reach a value of $0.01, referenced the market data for the fibSWAP DEX coin (FIBO). She mentioned that FIBO boasted of a fake $405.9 trillion cap, shown on Coinbase.
In her post on X, Lola shared her amusement about the disparity between the perceived market cap of FIBO and the concerns surrounding Shiba Inu, saying, “You are worried about #SHIB reaching .01 because of Marketcap and this coin is still showing 405 Trillion market cap at coinbase.”
You are worried about #SHIB reaching .01 because of Marketcap and this coin is still showing 405 Trillion marketcap at coinbase 👇
I am dying 🤣🤣🤣 pic.twitter.com/aBOT6eCU7X
— Lola (@CryptoLollla) January 30, 2024
The humor lay in Lola’s suggestion that if a project like FIBO could display such an astronomical market cap, perhaps the idea of Shiba Inu reaching a trillion-dollar valuation was not entirely out of reach. Although, it is important to note that the 409.5 trillion market cap associated with FIBO was fake.
What Gave Rise to the Trillion Dollar Figure?
What caused this was the supply of FIBO, which is around 69 quadrillion. The assets price is $0.006839, and multiplying these figures gives FIBO’s comically large market cap.
CoinGecko shows that the total supply, counting all the tokens that have been created, is just 100,000,000. This number is also listed as its max supply, despite the outrageous circulating supply. The current market cap shown on CoinGecko is $23.6 million. Furthermore, FIBO is not tradeable on Coinbase. It just provides data on the asset.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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Potential Growth for Shiba Inu (SHIB)
A well-known analyst Ali Martinez recently predicted a 112,260% surge to $0.011 for SHIB, keeping the $0.01 dream alive.
Despite its position with five zeros, analysts remain resolute that SHIB could reach this target sooner than expected. Only time will tell if the meme coin can meet expectations and how soon it will accomplish these goals.
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