Here’s How Much The Shiba Inu Price Will Be If It Hits The Market Cap Of Dogecoin

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As an analyst with over two decades of experience in the financial markets, I have seen my fair share of market trends and cycles. The Shiba Inu price, closely mirroring Dogecoin, has piqued my interest due to the ongoing discussions about its potential to reach Dogecoin’s market cap.

The price of Shiba Inu coin tends to mirror Dogecoin‘s movements, as they are the top meme-based cryptocurrencies in terms of market capitalization. This has sparked discussions about what the value of Shiba Inu might be if it ever reached Dogecoin’s current market cap.

What The Shiba Inu Price Will Be If It Reaches Dogecoin’s Market Cap

The data indicates that if Shiba Inu’s market capitalization matched Dogecoin’s $28.7 billion, its price would be approximately $0.00004883. A potential rally to this level would represent a significant increase of more than 250% compared to its current value. Currently, Shiba Inu has a market capitalization of $11.1 billion, which is roughly 0.39 times smaller than Dogecoin’s.

It’s important to note that the price of Shiba Inu has previously reached $0.00004883, which was its target at one point and is now its old all-time high (ATH). If Shiba Inu were to reach or surpass this price again, or even approach its current ATH of $0.00008845, it would have a significantly larger market cap due to the fact that billions of SHIB tokens have been destroyed since then.

As a crypto investor, I’ve noticed an intriguing twist when it comes to Dogecoin – it being inflationary. This means that even if Dogecoin were to reach its all-time high (ATH) of $0.73 again, it would still have a lower market cap compared to the last time it hit this peak in 2021. In that year, Dogecoin, the leading meme coin, managed an impressive market cap of $80 billion as it surged to its ATH. But here’s the kicker – if Dogecoin were valued at $80 billion today, its price would only be around $0.5, not the original $0.73.

As I observe, if the price of Shiba Inu manages to surpass that of Dogecoin in terms of market capitalization, then Shiba Inu would take over Dogecoin’s position as the eighth-largest cryptocurrency by market cap, a ranking Dogecoin currently holds.

SHIB Set To Breach This Target Soon Enough

According to cryptocurrency expert Javon Mark’s analysis, it’s likely that the price of Shiba Inu will surpass $0.00004883 very soon. This prediction is based on his belief that the Shiba Inu is still somewhat undervalued compared to its All-Time High (ATH), and has recently shown signs of a strong upward trend, such as breaking out from a confirmed Hidden Bull Divergence pattern.

Here’s How Much The Shiba Inu Price Will Be If It Hits The Market Cap Of Dogecoin

According to the analyst, it appears that the Shiba Inu’s price may be gearing up for an impressive leap towards its target of $0.000081. He also hinted at the potential impact of the ongoing Bitcoin bull market on fueling this price surge. Given their historical price trends, a strong Bitcoin price increase could potentially boost Shiba Inu’s price as well.

According to IntoTheBlock’s data, Shiba Inu’s price appears closely tied with Bitcoin’s, with a correlation coefficient of 0.54, suggesting a strong positive relationship between their prices. Given this bullish forecast for Shiba Inu, Javon Marks is optimistic that the cryptocurrency will soon surge by as much as 300% to reach its all-time high (ATH).

Currently, the price of a Shiba Inu coin stands approximately at $0.000019, marking an increase of more than 2% during the past 24 hours, as per data obtained from CoinMarketCap.

Here’s How Much The Shiba Inu Price Will Be If It Hits The Market Cap Of Dogecoin

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2024-11-09 11:12