Here’s What Shiba Inu Will Cost If Its Market Cap Reaches Tesla’s

Shiba Inu could set an all-time high and eliminate two more zeros in the scenario where its market cap expands to the size of Tesla.

Shiba Inu has been the main target of the bearish sentiment in the cryptocurrency market in recent days. The meme coin hit a new daily low of $0.00001295, down another 3.3%.

At press time, Shiba Inu has managed to reclaim the $0.000013 price level, stabilizing around $0.00001325. This represents a significant 30% drop from its higher value just a month ago.

So far, Shiba Inu has been among the best performing crypto assets in the bull market. In fact, on a yearly basis, SHIB is up 50% from its current value.

The cryptocurrency’s current struggles began after it briefly hit $0.000045 five months ago. That surge was particularly impressive, as Shiba Inu surged nearly 400% in just ten days, reaching price levels last seen in 2021.

Showing resilience, Shiba Inu took longer to return to its previous lows before experiencing a spectacular rise to $0.000045.

High forecast for Shiba Inu

During this spike, many analysts speculated that Shiba Inu was on track to hit a new all-time high that would far surpass its 2021 record. Some suggested that SHIB could reach a market cap of $100 billion.

Jake Gagain, a widely followed commentator in the community, first mentioned in March the possibility of Shiba Inu reaching a market cap of $100 billion. Notably, this milestone would bring the price of SHIB to at least $0.00016.

In a follow-up comment, Gagain claimed that SHIB would not only reach $100 billion but would also become the first meme coin to reach such a massive market cap.

This view then gained traction within the crypto community, with experts like Zach Humphries also championing the possibility of Shiba Inu hitting a $100 billion cap next year.

While this projection has yet to materialize, largely due to the current bear market, it underscores the community’s confidence in Shiba Inu’s potential. As a result, even Tesla’s lofty market cap of $690.42 billion is among Shiba Inu’s notable targets.

Shiba Inu Price If It Hits Tesla’s Ceiling

To put things into context, Shiba Inu currently has a market cap of $7.8 billion, with its highest market cap of $41 billion being reached in October 2021.

If Shiba Inu were to reach Tesla’s market cap, given the asset’s current supply, its price would eliminate two zeros. Specifically, Shiba Inu would be trading at around $0.00117 with Tesla’s market cap.

To achieve this, Shiba Inu would need to increase by at least 87 times its current value. This potentially offers an extraordinary return of 8,746% for today’s SHIB investors.