Check out the Update on Shiba Inu Price and its Potential to Reach a $92 Billion Market Cap
The Shiba Inu cryptocurrency is poised to hit the ATH threshold if it achieves a market cap of $92 billion, which is the highest valuation achieved by Dogecoin (DOGE).
Renowned media personality and Bitcoin investor Moataz “Eljaboom” Elsayed recently emphasized this fact when discussing the necessary growth rate for some popular meme coins to match Dogecoin’s all-time high market capitalization.
Dogecoin Superiority and Peak Market Cap
Dogecoin, the original meme coin, surpassed the $90 billion market cap in May 2021 following a substantial price surge, reaching an all-time high price of $0.7316. Tesla CEO and former X CTO Elon Musk played a significant role in this progress by consistently expressing support for Dogecoin.
Currently priced at $0.148, DOGE is 79.8% lower than its peak. Additionally, its market cap has decreased to $21.37 billion, based on CoinGecko market data. Despite this decline, Dogecoin has maintained its status as the leading meme coin, while other tokens such as Shiba Inu have experienced similar declines.
Specifically, SHIB, the second-largest meme coin, aims to surpass Dogecoin as the dominant meme coin. However, with Shiba Inu’s current market cap at $14.14 billion, it would need to gain an additional $7.23 billion in valuation to compete with DOGE. Achieving this increase in market cap would require a significant surge in price.
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Shiba Inu Price at $92B Market Cap
Nevertheless, Eljaboom’s analysis suggests the potential for a substantial price surge. Notably, the Bitcoin advocate highlighted that Shiba Inu’s market cap would need to grow by around 600% to reach Dogecoin’s $92 billion peak valuation.
Assuming SHIB’s circulating supply remains constant at 589 trillion tokens, Shiba Inu’s price at the $92 billion market cap would reach $Y. The $92 billion market cap would represent a 123% increase from Shiba Inu’s peak valuation of $41 billion, achieved in October 2021.
This level would signify a new all-time high value for Shiba Inu, as well as a new peak market valuation. Although the $Y might seem ambitious, crypto analyst Javon Marks previously forecasted that Shiba Inu’s price could rise to the $Z level.
Furthermore, Eljaboom confirmed that other tokens in the meme coin market would require a more substantial increase to reach the $92 billion valuation. For example, Pepe, the frog-themed meme sensation, would need to surge by 2,300% to reach this market cap. Additionally, dogwifhat (WIF) and Floki would each need to spike by 3,500% and 5,000%, respectively.
Moreover, Solana-based meme coins Bonk (BONK) and Book of Meme (BOME) would need to surge by 6,000% and 12,100%, respectively, to reach the $92 billion market cap. This analysis suggests that despite the rallies observed by these newer meme coins, they still have a long way to go to challenge SHIB and DOGE. Additionally, Shiba Inu has better prospects of displacing Dogecoin.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
