With Shiba Inu slipping to the 23rd spot in the global crypto rankings, we examined the potential growth trajectory required for SHIB to surpass Dogecoin.
The total crypto market cap has fallen slightly by 1.2% to $3.78 trillion. This retracement is part of a broader downturn that has rocked the crypto market over the past few weeks.
Notably, Shiba Inu has had its fair share of the recent bloodbath. Amid the market downturn, Toncoin surpassed Shiba Inu to claim the 22nd spot by market cap, pushing SHIB down to 23rd place.
- Advertisement -
Growth Required for SHIB to Surpass Dogecoin
Despite the setback, many Shiba Inu enthusiasts remain optimistic, believing the downturn will be short-lived and that SHIB could ultimately achieve significant milestones. For some, a key goal is for Shiba Inu to surpass Dogecoin in the global cryptocurrency rankings. At the moment, this feat seems far-fetched, as Dogecoin currently ranks as the eighth-largest cryptocurrency, while SHIB sits in 23rd place.
As the eighth-biggest token globally, Dogecoin has a market cap of $32.75 billion, translating to a unit price of $0.2172. Shiba Inu, which ranks as the 23rd biggest token, boasts a valuation of $7.34 billion and a price of $0.00001245.
Follow TheCryptoBasic On Google News
To overthrow Dogecoin, Shiba Inu’s market cap must spike 376.83% from the current level to $35 billion. With this rally, Shiba Inu could overtake Dogecoin to become the eighth-largest token by market cap, pushing DOGE down to ninth position. This analysis assumes that Dogecoin’s market cap remains stable around the $32 billion region.
Potential Price if SHIB Flips DOGE
The effect of Shiba Inu’s climb to a $35 billion market cap will be evident in the asset’s price. To put things into perspective, a market cap of $35 billion translates to a unit price of $0.00005939 for SHIB.
