Shiba Inu, which currently represents less than 1% of Bitcoin’s valuation, could reach a new all-time high if it grows to capture just 10% of this market.
The crypto market has grown significantly since the launch of Bitcoin (BTC), the pioneering crypto asset, in 2009. Over the past fifteen years, Bitcoin has become a billion-dollar asset, cementing its position among the largest financial assets in the world.
Position of SHIB in relation to Bitcoin
Altcoins like Shiba Inu, despite their ambitious visions, can only dream of capturing a share of Bitcoin’s market capitalization. While Cardano founder Charles Hoskinson has argued repeatedly that ADA could surpass Bitcoin in terms of valuation, these comments have often been met with skepticism.
Notably, Shiba Inu, being the 13th largest cryptocurrency by market capitalization, currently represents only 0.8% of Bitcoin’s total market valuation. As a reminder, SHIB has a market capitalization of $10.9 billion at the time of reporting, compared to Bitcoin’s valuation of $1.335 trillion.
Interestingly, Shiba Inu came closest to gaining on Bitcoin’s market cap when it recorded its historic rally in 2021 during the then bull run. During this period, SHIB’s market capitalization reached $41.35 billion, representing 3.4% of Bitcoin’s valuation of $1.13 trillion at the time.
After a series of downtrends and rallies, Bitcoin’s market capitalization has now surpassed its 2021 levels, now standing at $1.335 trillion. On the other hand, Shiba Inu failed to regain previous highs of $41.35 billion. This is largely due to the fact that altcoin season because this bullish cycle has not yet materialized.
Shiba Inu price if it captures 10% of the BTC market
Several analysts expect most altcoins to take advantage of the upcoming season to outperform Bitcoin while securing massive gains. If Shiba Inu By leveraging this race to capture just 10% of Bitcoin’s market cap, its price could reach a new all-time high.
As a reminder, 10% of Bitcoin’s current market capitalization is $133.5 billion. For Shiba Inu to reach this level, its market capitalization would need to increase by approximately $125 billion. However, if this were to happen, it would bring the price of SHIB to $0.0002266 per token, given the circulating supply of 589 trillion tokens.
With Shiba Inu currently trading at $0.00001850, a peak to $0.0002266 would require a growth rate of 1.124%. Notably, several analysts believe this is an achievable projection for the dog-themed token. Valéria, market observer scheduled for June that SHIB could rally back to $0.00022, a 10x increase at the time.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
