The price of the Shiba Inu has followed closely behind Dogecoinbearing in mind that the two are the largest coins in terms of market capitalization. This has led to talks about the price of SHIB if it reaches the market cap of Dogecoin.
How much would a Shiba Inu be worth if it reached the market cap of Dogecoin
MarketCapOf data It shows that the price of a Shiba Inu would be $0.00004883 USD if it existed Dogecoin market capitalization With a value of $28.7 billion. A Shiba Inu rise to $0.00004883 would represent a price increase of over 250% from its current level. SHIB currently boasts a market capitalization of $11.1 billion, making it 0.39 times lower than DOGE.
However, it is worth noting that the price of the Shiba Inu once reached a target of $0.00004883 as its current price. All time high (ATH) It is at $0.00008845. The Shiba Inu would also have a greater market cap now if it reached $0.00004883 or even rose to its current ATH of $0.00008845, considering that billions of SHIB tokens have been burned since then.
Interestingly, the opposite would be the case Dogecoinwhich is inflation. As such, Dogecoin would have a lower market value even if it reached its current ATH of $0.73. In 2021, the first memecoin reached a market cap of $80 billion with its rise to ATH. However, DOGE, now worth $80 billion, will only set its price at $0.5.
Meanwhile, the Shiba Inu’s price reaching Dogecoin’s market cap would make SHIB the eighth-largest coin by market, which is DOGE’s current ranking.
SHIB is set to break through that target soon enough
The Shiba Inu price is set to exceed the $0.00004883 target any time soon. This is based on a cryptographic analyzer Analysis by Javon Markas the price is expected to rise to the current ATH of SHIB. In post
In line with this, the analyst stated that the Shiba Inu price may be poised to perform “next level” towards the $0.000081 target. He also hinted at the role that Bitcoin’s continued rise could play in sparking this price rise. In fact, taking into account Price correlationrising Bitcoin prices may contribute to the rise of the Shiba Inu.
Data inside TheBlock It shows that the Shiba Inu’s price correlation with Bitcoin is 0.54, which indicates a positive correlation with the price. With such a bullish outlook for the Shiba Inu price, Javon Marks is confident that a 300% rise to SHIB’s current ATH is imminent.
At the time of writing, the price of the Shiba Inu is trading at around $0.000019 USD, up more than 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com