Shiba Inu (SHIB) could skyrocket by a comparative margin if the market cap of Dogecoin (DOGE), the original meme coin, doubles.
The meme coin narrative gained attention following the launch of new entrants such as those based on Ethereum. Pepe (PEPE) and Solana’s native tokens dogwifhat (WIF) and Bonk (BONK). However, the two main meme assets DOGE and SHIB have maintained their prominence.
The potential of Dogecoin
As a reminder, the valuations of Dogecoin and Shiba Inu represent approximately 62% of the total meme coin market capitalization, with DOGE leading the way. As an original meme coin, Dogecoin currently boasts a market capitalization of $46.5 billion, accounting for over 48% of the $95.54 billion meme coin market.
As the seventh largest crypto asset, Dogecoin enjoys a higher valuation than most major traditional tokens such as stablecoin USDC and venture assets Cardano (ADA) and Tron (TRX). Despite its high position, analysts believe that Dogecoin has the potential to claim higher positions.
Amid price targets, earlier this month one analyst predicted an imminent increase to a price of $0.66, a 112% upside from the current price of $0.31. Although this target is still below the same coin’s all-time high of $0.73 in 2021, it would be basically doubling its current market capitalization to approximately $93 billion.
Shiba Inu Price If Dogecoin Market Cap Doubles
Interestingly, given Dogecoin’s relationship with Shiba Inu, some expect a rally in DOGE to spill over into the Shiba Inu market. This phenomenon occurred during the coin craze in March, allowing the Shiba Inu to surge more than 300% to an all-time high. annual peak of $0.000045.
Market data also confirms that Dogecoin and Shiba Inu have similar price actions. In the block noted that SHIB has an 89% price correlation with DOGE, with only Bitcoin (BTC) enjoying a greater correlation. CoinMarketCap also shows that Dogecoin and Shiba Inu have followed similar trajectories over the past 30 days.
With this close price relationship, SHIB is likely to benefit from an increase in the price of Dogecoin, which would result in a doubling of its market capitalization. If Shiba Inu follows a similar 112% increase, its price could rise from the current value of $0.00002176 to a new yearly high of $0.00004613.
In October, market analyst AJTrader suggested that Shiba Inu could claim the $0.00004 price territory. As a reminder, a price rise to the $0.000046 level would push Shiba Inu’s market capitalization to $27.18 billion. The last time XRP saw this valuation was in December 2021.
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