Shiba Inu (SHIB), has a new goal: reaching a $92 billion market cap. This milestone, previously achieved by Dogecoin (DOGE), would mark a significant increase in SHIB's value, pushing its price to $0.000159. Let’s break down the details.
Dominance of Dogecoin in the Market
Dogecoin, the original meme coin, hit an impressive $90 billion market cap in May 2021. This was fueled by a price surge that saw DOGE reach an all-time high of $0.7316. Elon Musk, Tesla CEO and X CTO, played a major role in promoting Dogecoin. However, DOGE’s value has since dropped to $0.148, with its market cap now at $21.37 billion according to CoinMarketCap.
Despite this decline, Dogecoin remains the leading meme coin. Shiba Inu, the second-largest meme coin, is looking to challenge this position. Currently, SHIB has a market cap of $13.51 billion. To match Dogecoin, Shiba Inu needs to add another $7.86 billion to its market value, necessitating a massive price surge.
Shiba Inu Price at $92 Billion Market Cap
According to media personality and Bitcoin investor Moataz “Eljaboom” Elsayed, SHIB’s market cap would need to increase by approximately 600% to reach $92 billion. Assuming SHIB’s circulating supply remains at 589 trillion tokens, its price would hit $0.0001561 at this market cap. This would be a 123% increase from Shiba Inu’s peak valuation of $41 billion in October 2021.
While this target might seem ambitious, crypto analyst Javon Marks has also predicted that SHIB could reach the $0.00015 price level. Eljaboom also noted that other meme coins would require even more substantial surges to hit a $92 billion market cap. For example, Pepe would need a 2,300% increase, dogwifhat (WIF) 3,500%, and Floki 5,000%. Solana-based meme coins Bonk (BONK) and Book of Meme (BOME) would need spikes of 6,000% and 12,100%, respectively. This analysis underscores that Shiba Inu has a better chance of surpassing Dogecoin compared to these newer meme coins.
Where to Buy SHIB?
For those looking to invest in Shiba Inu, Bitget is a highly recommended platform. Bitget offers a secure and user-friendly experience for purchasing SHIB.
How High Can SHIB Go in June?
Predicting exact prices is challenging due to market volatility. However, if the current trends and investor interest continue, SHIB could see significant gains. Analysts believe that SHIB might reach the $0.00015 mark, especially with positive market movements and increased adoption.
Is Now the Best Time to Buy SHIB?
Investing in cryptocurrencies always carries risk due to their volatile nature. However, with SHIB's potential to reach a $92 billion market cap and its current price point, it might be a good opportunity for investors looking to enter the market.
