Shiba Inu Market Cap Skyrockets, Surpassing $11 Billion After September Decline
Shiba Inu has evolved into a significant asset within the cryptocurrency space. Demonstrating real-world utility, Shiba Inu has surpassed many other meme coins of similar origin. SHIB’s market capitalization has reached $11 billion, surpassing projects such as Chainlink, Polkadot, and Uniswap. It currently holds the 13th position, outperforming the 14th token, Bitcoin Cash, by nearly $4 billion.
SHIB ATH Market Cap
As per Coinmarketcap report, Shiba Inu’s market cap history, the recent surge to $11 billion does not mark its peak. During the 2021 bull run, SHIB’s market cap reached $37.81 billion, with its price hitting an all-time high of $0.00008845. This surge led Shiba Inu to rank among the top ten cryptocurrencies, positioned above Dogecoin in the ninth spot.
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Shiba Inu commenced the year ranked 17th, with a market cap of $6 billion. However, within a few weeks, SHIB surged almost 200%, re-entering the top 10 crypto ranking in March and reaching a cap of $19.3 billion. Subsequently, SHIB’s market cap declined alongside its price, dropping to as low as $7.5 billion in September. Nevertheless, it has since appreciated by over 43% from this low, currently trading at eleven figures.
What’s On the Horizon
Regarding future price outlook, analysts have speculated on new highs for both market cap and price metrics. Notably, these market observers have highlighted both fundamental and technical analyses as potential drivers for SHIB’s upward trajectory.
Fundamentally, the Shiba Inu ecosystem has recently made significant strides. The introduction of Shibarium, a layer 2 scaling solution, holds the promise of enhancing adoption. Anticipated upgrades for ShibaSwap and an increased burn rate have generated optimism within the ecosystem, leading the community to envision a substantial price uptrend during the bull run.
Technical Analysis and Market Performance
From a technical perspective, analyst AJTrader projects a potential 124% uptrend for SHIB, reaching $0.00004. The analyst emphasized that a sustained trend above $0.00002 would drive the asset to this price level.
Additionally, Crypto Sheriff has asserted that Shiba Inu will attain three price targets in this cycle. The analyst predicted that the dog-themed meme coin would trade at $0.00002, surpass its all-time high to trade at $0.0002, and eventually rise to $0.001. Notably, the price of SHIB has surged significantly in the past week, gaining over 11%. At present, the token is trading at $0.00001883.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
