Shiba Inu and Elon Musk have long been mentioned in the same conversation, often due to Musk's influence on meme-based digital assets. While the CEO of Tesla and SpaceX has endorsed Dogecoin and other tokens like Floki, he has yet to directly acknowledge SHIB.
A new tweet from TheCryptoBasic speculates how high SHIB's stock price could rise if it matched Musk's net worth, currently estimated at $409 billion. The tweet shared on X includes price predictions that have attracted the attention of the overall cryptocurrency community.
While Musk has previously propelled assets like Dogecoin to record highs through his public endorsements, his silence regarding SHIB remains a topic among supporters. Nevertheless, there is speculation about how valuation tied to Musk's wealth could reshape SHIB's price.
Price Prediction Based on Elon Musk's Net Worth
According to TheCryptoBasic, if SHIB had a market capitalization equivalent to Elon Musk's $409 billion, each token could be valued at approximately $0.0006941.
This price forecast uses SHIB's current circulating supply of 589.25 trillion tokens as a basis. With SHIB trading at $0.00001161 at the time of writing, this increase would represent a growth of approximately 5,879%.
The current market capitalization of SHIB is around $6.84 billion. This figure is significantly lower than Musk's estimated wealth, ranking this token as the 19th largest cryptocurrency by market capitalization.
The valuation is also much lower than leading assets like Bitcoin and Ethereum. If SHIB's market capitalization rises in line with Musk's wealth, it could potentially become the second-largest cryptocurrency, provided the valuations of other tokens remain unchanged.
Performance of $SHIB and Historical Context
Shiba Inu is continuously classified as a meme coin. It launched in August 2020 and has since built a loyal community.
Despite a large circulating supply, the project still ranks in the top 20 cryptocurrencies by market capitalization. Previous efforts to attract Musk included public tweets from the Shiba Inu development team.
Lead developer Shytoshi Kusama has tagged Musk in several posts and attempted to link the project to Musk's interests.
One effort even included annotating the storm-themed dog image with the word 'SHIB'. However, none of these campaigns received public feedback from Musk.
Analyst Predictions for Future Prices
Some forecasts suggest that SHIB has the potential to reach a price close to Musk's hypothetical market capitalization.
Forecasting platforms like Changelly and Telegaon estimate that SHIB could reach a price of between $0.0006 and $0.00069 within the next five to ten years.
Changelly predicts that SHIB could reach a price of $0.00069 by September 2034. Telegaon offers a slightly earlier outlook, expecting this token to hit $0.0006 by 2030.
Voices from the community, like Davie Satoshi, believe that SHIB could rise to around $0.0006753 in the near future. While this is an optimistic prediction, there is no guarantee that it will actually happen.
Community Engagement and Speculative Growth
Although not receiving direct support from Musk, SHIB continues to witness strong community activity. Longtime supporters have believed that any level of participation from this billionaire could lead to a strong price increase.
An example is Dogecoin, which surged after Musk confirmed in 2021, often cited in such discussions. Currently, SHIB's valuation remains highly speculative.
Forecasts based on Musk's net worth are merely a theoretical scenario rather than a guaranteed path. However, the discussion around this price highlights the growing attention that SHIB continues to receive in the cryptocurrency space.
