According to investor Jake Gagain, Shiba Inu’s (SHIB) market cap could surge to $100 billion this cycle. In its 4-year history, SHIB has experienced immense success. The asset’s price rallied by many million percent during the 2021 bull run. In 2024, SHIB climbed into the top 15. crypto projects by market cap.
If SHIB’s market cap reaches $100 billion, the price of each token will become $0.000169, given the number of tokens in circulation remains the same at around 589 trillion. Reaching $0.000169 from current price levels will translate to a rally of about 884.8%.
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The asset’s price could go even higher if its circulating supply goes down. Shiba Inu (SHIB) seems to be undergoing a significant price correction at the moment. The asset’s price has fallen 3.8% in the daily charts, 13.2% in the weekly charts, and 5.5% over the previous month. SHIB has, nonetheless, maintained a 4.2% gain in the last 14 days.
Can Shiba Inu’s market cap hit $100 billion in 2024?
To hit a $100 billion market cap, the price of each SHIB token has to reach $0.00016. According to Changelly, SHIB’s price will breach the $0.00016 level in 2028, hitting a maximum price of $0.00017 for the year.
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Telegaon is slightly more bullish on SHIB, predicting the asset to breach the $0.00016 level in 2027. The platform anticipates a maximum price of $0.000198 for the year.
It is also within the realm of possibility for Shiba Inu to hit $0.00016 in 2024, but several factors need to be considered. Firstly, the general market needs to be bullish. Secondly, SHIB has to either witness a surge in adoption or a large number of tokens have to be burned.