Shiba Inu could chalk off one zero and mark a strong price rally to unprecedented prices if its market cap reaches $150 billion.
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Shiba Inu joined a broader market bullish trend yesterday, continuing its recovery phase. Notably, the second-largest meme coin by market capitalization is up 3% since the start of the week and is on track for its first positive price action in five weeks.
Shiba Inu to $150 Billion Market Cap?
Meanwhile, data from IntoTheBlock shows a moderate correlation between Shiba Inu and the broader crypto market. For context, with SHIB, Bitcoin has a correlation coefficient of 0.61, Ethereum has 0.57, and Dogecoin has a higher 0.86 over the past sixty days.
This suggests that Shiba Inu would mirror a broader bullish market trend. Hence, with institutional interest entering the cryptocurrency market, analysts predict that major cryptocurrencies will rally extensively, which could potentially push Shiba Inu to a $150 billion market cap.
Also, the development of the Shiba Inu ecosystem further fuels this optimism. Recent technological deployments and a strategic partnership with the United Arab Emirates’ Ministry of Energy and Infrastructure (MoEI) have raised confidence that Shiba Inu will defy current bearish trends and potentially reach a market cap of $150 billion.
Shiba Inu’s Price at $150 Billion Market Cap
According to the current rankings, it is the 19th-largest cryptocurrency by market cap, with a valuation of $7.65 billion. Notably, if this figure rallies to $150 billion, it will surpass the $45 billion peak valuation in October 2021.
Currently, Shiba Inu has a total supply of 589.5 trillion SHIB. As a result, a $150 billion cap would push prices to $0.000254, representing a staggering 1,856% upsurge from the current prices. It would also see the meme coin surpass its current all-time high of $0.00008845.
Is a Rally to $0.000254 Possible?
Considering Shiba Inu’s current trajectory, a 1,856% surge to $0.000254 seems ambitious. Achieving the price mark would ensure it chalks off one more zero, pushing prices on course for new heights, such as $0.01.
Notwithstanding, analysis suggests this is possible. Market watcher More Crypto Online highlighted in an earlier commentary that Shiba Inu could rally to between $0.0001 and $0.0002, citing a bullish Elliot Wave formation.
Moreover, Changelly also projected the price mark for Shiba Inu, specifically suggesting it would happen by May 2032. However, prediction site Telegaon predicted a faster timeline, asserting a timeframe of 2028.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.
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