Shiba Inu Will Rise 73% to $0.00001774 If It Hits Dogecoin’s Market Cap

Shiba Inu (SHIB) moves closer to overtaking Dogecoin (DOGE), with just a 73% rally to $0.00001774 required for it to claim the market cap of the original meme token.

Shiba Inu emerged to rival Dogecoin’s dominance as the prominent meme coin. Although SHIB remains below DOGE in market valuation, Shiba Inu ecosystem developers have continued introducing utility to help the asset transcend the meme coin status.

Amid this increasing utility, Shiba Inu continues to capture the attention of prominent players in the crypto industry and beyond. This pattern has bolstered adoption and demand, leading to speculations of an imminent price rally that could see SHIB overtake DOGE in market cap.

With a valuation of $10.45 billion, Dogecoin currently sits as the seventh largest asset by market cap. At Shiba Inu’s current valuation, the asset still needs to appreciate by a substantial margin to compete with Dogecoin regarding market valuations. 

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Shiba Inu has a market capitalization of $6.02 billion at the time of reporting. This valuation makes SHIB the fourteenth largest crypto asset. The asset initially sought to break into the top 10 largest cryptocurrencies, but resistance to its latest rally foiled this dream. 

Shiba Inu Needs to Rally 73%

For Shiba Inu to overtake Dogecoin’s market cap, it must add at least $4.43 billion to its current valuation. This would require a 73% increase in its market cap. Unlike DOGE, since SHIB has a cap on its circulating supply, its market cap can only increase by price appreciation.

As a result, the value of Shiba Inu would need to rally by up to 73% supposing the circulating supply does not drastically reduce. SHIB is trading for $0.00001023 as of press time. At this price, a 73% increase would result in a $0.00001774 price.

While such a price target seems ambitious, it is essential to note that it is only a stone’s throw from Shiba Inu’s yearly high of $0.00001575, attained on February 4. This reality demonstrates SHIB’s potential to hit the $0.00001774 value.

Moreover, Shiba Inu is already witnessing an 88% increase from the yearly low of $0.00000543 two months ago. In addition, ecosystem developments such as Shibarium promise to bolster adoption and demand. This could support SHIB’s price action.

Shiba Inu last saw the $0.00001774 price in October 2022. SHIB’s valuation would stand at $10.455 billion at this price, supposing its supply remains constant. This will ultimately make Shiba Inu the seventh-largest asset if other assets’ valuations remain stagnant.