Shiba Inu could set an unprecedented history and eliminate two more zeros in the scenario where its market cap expands to the size of Tesla.
Shiba Inu has primarily been at the receiving end of the crypto market’s bearish sentiment in recent days. The meme coin hit a new daily low of $0.00001295, declining further by 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.
Before now, Shiba Inu ranked among the best-performing crypto assets in the bull market. In fact, based on the yearly timeframe, SHIB boasts a 50% gain in its current value.
The coin’s current challenges began after briefly hitting $0.000045 five months ago. This surge was particularly impressive as Shiba Inu soared nearly 400% in just ten days, reaching price levels last seen in 2021.
Shiba Inu chart | CoinMarketCap
Demonstrating resilience, Shiba Inu took longer to return to its previous lows before experiencing a dramatic pump to $0.000045.
Lofty Projections for Shiba Inu
During this peak, many analysts speculated that Shiba Inu was on track to achieve a new all-time high far exceeding its 2021 record. Some suggested that SHIB could reach a $100 billion market cap.
Jake Gagain, a widely followed commentator in the community, first raised the possibility of Shiba Inu hitting a $100 billion market cap in March. Notably, this milestone would push SHIB’s price to at least $0.00016.
In a follow-up commentary, Gagain asserted that SHIB would not only reach $100 billion but also become the first meme coin to achieve such a massive market cap.
This view later gained traction in the crypto community, with pundits like Zach Humphries similarly arguing for the possibility of Shiba Inu attaining a $100 billion cap next year.
While this projection has yet to materialize, largely due to the ongoing bearish market, it highlights the community’s belief in Shiba Inu’s potential. As a result, even Tesla’s lofty market cap of $690.42 billion is among the notable targets of Shiba Inu.
Shiba Inu Price if It Attains Tesla’s Cap
For context, Shiba Inu currently has a market cap of $7.8 billion, with its highest market cap of $41 billion reached in October 2021.
If Shiba Inu were to reach Tesla’s market cap, considering the asset’s current supply, its price would eliminate two zeros. In particular, Shiba Inu would trade at approximately $0.00117 with Tesla’s market cap.
To achieve this, Shiba Inu would need to expand by at least 87 times its current value. This potentially offers an extraordinary 8,746% return for today’s SHIB investors.
