The cryptocurrency market seems to be slowly recovering its momentum. Bitcoin (BTC) is inching closer to the $59,000 mark and the global crypto market cap has risen 2% in 24 hours to $2.26 trillion. Shiba Inu (SHIB) has also slightly recovered, rallying 1.1% in the last 24 hours. The popular dog-themed cryptocurrency continues to trade in the red zone in the other time frames. SHIB is down by 1,4% in the weekly charts, 5.9% in the 14-day charts, and 27% over the previous month.
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Although SHIB has struggled to gain traction in the last few months, the asset is predicted to soar to new heights if the US SEC approves a spot Ethereum (ETH) ETF. According to Coinpedia Markets, SHIB could witness a 10-100X price surge after the spot ETH ETF. Surging by 100X would take SHIB’s price to around $0.001, a rally of about 9900% from current levels.
Can Shiba Inu realistically hit $0.001?
SHIB has a circulating supply of roughly 589 trillion. Its market capitalization would increase to around $589 billion if each SHIB token were to reach $0.001. The figure is higher than ETH’s current market cap of $371 billion. It will make SHIB the second-largest crypto project, given other assets remain the same.
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While $589 billion is an attainable market cap, it is unlikely to happen over a very short time. According to the data from Telegaon, Shiba Inu will attain the $0.001 level sometime between 2030 and 2035, about six to eleven years from now. Changelly paints an even more bearish picture for SHIB. The platform predicts the asset to breach the $0.001 level in January 2040, about sixteen years from now.