Shiba Inu price followed closely Dogecoingiven that both are the largest coins in terms of market capitalization. This led to discussions about what the price of SHIB would be if it reached the market cap of Dogecoin.
What will the price of Shiba Inu be if it reaches the market cap of Dogecoin
MarketCapData shows that the price of the Shiba Inu would be $0.00004883 if it had Dogecoin market capitalization of $28.7 billion. A Shiba Inu rally to $0.00004883 would represent a price gain of over 250% from its current level. SHIB currently has a market cap of $11.1 billion, putting it at 0.39x under DOGE.
However, it is worth mentioning that Shiba Inu price has already reached the target of $0.00004883 as its current price. absolute record (ATH) is at $0.00008845. Shiba Inu would also have a larger market cap now if it reached $0.00004883 or even if it reached its current ATH of $0.00008845, given that billions of SHIB tokens have been burned since then.
It is interesting to note that the opposite will be the case for Dogecoinwhich is inflationary. As such, Dogecoin would have a lower market cap even if it reached its current ATH of $0.73. In 2021, the leading meme coin reached a market cap of $80 billion as it reached its ATH. However, DOGE, which now has $80 billion, would only price it at $0.5.
Meanwhile, the Shiba Inu price reaching Dogecoin’s market cap will make SHIB the eighth largest coin by market, matching DOGE’s current ranking.
SHIB is poised to achieve this goal soon enough
Shiba Inu price is expected to surpass the $0.00004883 target soon. This is based on a crypto analyst Javon Mark’s analysisin which he predicts a price rise from SHIB’s current ATH. In an X article, he noted that the Shiba Inu is still quite far from a confirmed hidden bull divergence and has broken out.
In the same vein, the analyst said that Shiba Inu price could be gearing up for its “next level” performance towards the $0.000081 target. He also hinted at the role that the current Bitcoin bull run could play in triggering this price rally. Indeed, given their price correlationRising Bitcoin prices could contribute to Shiba Inu’s rise.
IntoTheBlock data shows that the price correlation of Shiba Inu with Bitcoin is 0.54, which indicates a positive price correlation. With such a bullish outlook for Shiba Inu price, Javon Marks is confident that the 300% rally from SHIB’s current ATH is imminent.
At the time of writing, the Shiba Inu price is trading at around $0.000019, up more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com