Shiba Inu Could Reach New All-Time Highs by Capturing Just 10% of Bitcoin’s Market Share
Since the inception of Bitcoin (BTC) in 2009, the cryptocurrency market has experienced explosive growth. Over the past 15 years, Bitcoin has firmly established itself as a trillion-dollar asset, solidifying its position among the world’s most significant financial assets.
Shiba Inu’s Position Relative to Bitcoin
While altcoins like Shiba Inu (SHIB) have ambitious goals, they can only aspire to capture a fraction of Bitcoin’s immense market share. Despite claims from figures like Cardano’s founder, Charles Hoskinson, who has argued that ADA could eventually surpass Bitcoin in valuation, these statements often face skepticism.
Shiba Inu, currently the 13th-largest cryptocurrency by market capitalization, holds just 0.8% of Bitcoin’s market value. At the time of writing, SHIB’s market cap stands at approximately $10.9 billion, while Bitcoin’s valuation has surged to a staggering $1.335 trillion.
The closest Shiba Inu has ever come to rivaling Bitcoin in market share occurred during the 2021 bull run. During this period, SHIB’s market cap skyrocketed to $41.35 billion, representing 3.4% of Bitcoin’s $1.13 trillion valuation at the time.
However, while Bitcoin’s market cap has since exceeded its 2021 levels, reaching $1.335 trillion, Shiba Inu has been unable to reclaim its former peak. This is primarily due to the lack of an altcoin rally in the current market cycle.
Shiba Inu’s Price Potential at 10% of Bitcoin’s Market Cap
Many analysts predict that altcoins will capitalize on the next market cycle to outperform Bitcoin, potentially generating massive gains. If Shiba Inu were to seize 10% of Bitcoin’s current market cap, it could reach unprecedented price levels.
For perspective, 10% of Bitcoin’s current $1.335 trillion market cap is $133.5 billion. To achieve this, Shiba Inu’s market cap would need to grow by around $125 billion. If that happens, SHIB’s price could reach approximately $0.0002266 per token, based on its current circulating supply of 589 trillion tokens.
At its current price of $0.00001850, a surge to $0.0002266 would represent a staggering 1,124% increase. Some market watchers believe this projection is achievable. For instance, analyst Valeriya predicted in June that SHIB could see a 10x rally, potentially hitting $0.00022.
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