Shiba Inu (SHIB), the second most valuable meme crypto asset, has attracted considerable attention as one of the most pocket-friendly cryptocurrencies after gracing the crypto market in 2020 and made many early investors rake in tremendous profits in the 2021 bull season.
Consequently, many investors with not too buoyant investment capital have procured the token in considerably large stores in anticipation of the next market rally that would Skyrocket SHIB’s price to the moon.
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However, while SHIB might have orchestrated an impressive market outlook, particularly in March that saw it attain a $0.00004 all-time high (ATH) in 2024, the coin has struggled to replicate a similar run; it has since retraced to stabilize around the $0.00002 price level.
At press time, Shiba Inu’s price statistics on CoinGecko, a renowned crypto assets price tracker platform, revealed the canine-themed crypto asset price to be about $0.000024, reflecting a 1% decline in the past 24 hours.
Intriguingly, SHIB has also recorded declines across several timeline indexes, including 7-day-to-date, 14-day-to-date, and 30-day-to-date variables, at 3.3%, 6.3%, and 3.9%, respectively.
According to the digital assets price tracker platform, the entire crypto market boasts a market cap of about $2.7 trillion, having declined by about 0.2% from the previous day.
Bitcoin, with an approximately $1.36 trillion market cap, contributes a whopping 50.4% to the global market cap valuation, while SHIB contributes an insignificant percentage lesser than one with about $14.08 billion.
Being the most valuable crypto assets, the possibility of any cryptocurrency amassing a market cap similar to the pioneer crypto protocol appears highly unlikely. However, accumulating a certain percentage of BTC’s market cap, although not easily achieved, presents more feasible, and we shall be dwelling on that in the subsequent part of this write-up.
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Based on mathematical evaluation, capturing 5% of Bitcoin’s market cap implies that Shiba Inu’s market cap would likely hit about $68 billion.
Relating the above market cap value with SHIB’s tremendous circulating supply pool of over 589.3 trillion tokens would result in a $0.000115 market price for SHIB, which seems a realizable target as it only implies deleting a zero in the coin’s selling price and the attainment of a new ATH from its present $0.00008616 peak price.
It is left to see how far SHIB will appreciate in the next bull run. However, for the coin to achieve any considerable price, the development team must devise plans to increase the token incineration rate and the adoption of its Layer-2 scaling solution, the Shibarium.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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HO CHI MINH, Vietnam, 17th November 2024, Chainwire