The Shiba Inu price has closely followed Dogecoin, considering that the two are the largest meme coins by market cap. This has led to talks of what SHIB’s price would be if it reached Dogecoin’s market cap.
What The Shiba Inu Price Will Be If It Reaches Dogecoin’s Market Cap
MarketCapOf data shows that the Shiba Inu price would be $0.00004883 if it had Dogecoin’s market cap of $28.7 billion. A Shiba Inu rally to $0.00004883 would represent a price gain of over 250% from its current level. SHIB currently boasts a market cap of $11.1 billion, which puts it 0.39x under DOGE.
However, it is worth mentioning that the Shiba Inu price has once hit the $0.00004883 target as its current all-time high (ATH) is at $0.00008845. Shiba Inu would also have a larger market cap now if it were to reach $0.00004883 or even rise to its current ATH of $0.00008845, considering that billions of SHIB tokens have been burnt since then.
Interestingly, the opposite will be the case for Dogecoin, which is inflationary. As such, Dogecoin would have a lower market cap even if it reached its current ATH of $0.73. In 2021, the foremost meme coin attained a market cap of $80 billion as it surged to its ATH. However, DOGE boasting an $80 billion now would only put its price at $0.5.
Meanwhile, the Shiba Inu price hitting Dogecoin’s market cap will make SHIB the eighth-largest coin by market, which is DOGE’s current ranking.
SHIB Set To Breach This Target Soon Enough
The Shiba Inu price is set to breach the $0.00004883 target anytime soon. This is based on crypto analyst Javon Mark’s analysis, in which he predicts a price rally to SHIB’s current ATH. In an X post, he noted that the Shiba Inu is still fairly off a confirmed Hidden Bull Divergence and has broken out.
In line with this, the analyst stated that the Shiba Inu price could be getting ready for its “next level” performance towards the $0.000081 target. He also alluded to the role that the ongoing Bitcoin bull run could play in sparking this price rally. Indeed, considering their price correlation, the Bitcoin price rally could contribute to the Shiba Inu rally.
IntoTheBlock data shows the Shiba Inu price correlation with Bitcoin is 0.54, which indicates a positive price correlation. With such a bullish outlook for the Shiba Inu price, Javon Marks is confident that the 300% rally to SHIB’s current ATH is imminent.
At the time of writing, the Shiba Inu price is trading at around $0.000019, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Source: https://bitcoinist.com/shiba-inu-price-cap-dogecoin/