The volatile crypto market has stifled Shiba Inu (SHIB), preventing it from recovering its yearly high of $0.000045. Currently trading at $0.00002506, SHIB has declined by 1.77% in the last 24 hours and 4.31% in the past month. The token has collapsed nearly 46% from its yearly peak.
Ambitious Price Targets Deemed Unrealistic
Market watchers remain optimistic about an imminent price rally for SHIB, suggesting the ongoing bull market’s second round of upswings could propel the token to unprecedented levels. However, they have dismissed some targets, including the $0.05 goal, as unfeasible.
The Obstacle of Shiba Inu’s Extensive Circulating Supply
One of the major obstacles to these ambitious targets is Shiba Inu’s extensive circulating supply of 589 trillion tokens. To achieve these targets, SHIB must either attract massive demand or burn a large portion of its supply.
Assessing a Realistic SHIB Price Target
Amid the speculation and uncertainty, The Crypto Basic has assessed a more feasible market cap for SHIB – 10% of Bitcoin’s current valuation. This analysis aims to provide a realistic outlook on Shiba Inu’s potential price performance
SHIB Price if It Captures 10% of Bitcoin’s Market Cap
Bitcoin, the largest cryptocurrency, currently has a market capitalization of $1.353 trillion, making it the ninth-largest asset in the world. If SHIB were to claim 10% of this valuation, it would translate to a market cap of $135.4 billion, significantly lower than Ethereum’s current market cap of $461.1 billion.
Calculating the Potential SHIB Price
With SHIB’s circulating supply remaining fairly stable at 589 trillion tokens, a valuation of $135.4 billion would lead to a price of $0.0002298 per SHIB. This represents an 844% increase from the token’s current price.
Feasibility of the $0.0002 Target
The Crypto Basic says SHIB could realistically reach $0.0002 if it follows a similar trajectory to the last bull run. While this target is considered feasible, it remains uncertain whether Shiba Inu can actually achieve this price level.”
In conclusion, the analysis suggests that if SHIB can capture 10% of Bitcoin’s market cap, it could see a significant price surge, potentially reaching $0.0002298 per token. Though experts deem this target more realistic than some of the more ambitious goals, the token’s future performance remains uncertain.
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