Shiba Inu (SHIB) is among the market’s most successful and popular cryptocurrency projects. The asset has made significant inroads in just over four years. Since its launch in August 2020, the dog-themed crypto has risen by many million percent. Although SHIB’s performance has been lackluster, fans and investors have great hope for the project’s prospects.
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Why Has Shiba Inu Struggled Over The Last Few Years?
One of the primary drivers for SHIB’s lackluster performance over the last two years is the general bearishness that loomed over the crypto market. Bitcoin (BTC) dipped to the $16,000 level in November 2022 after the collapse of FTX, which greatly affected the market. SHIB’s price also took a toll during the FTX debacle.
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Another reason for SHIB’s poor performance could be investors looking elsewhere for profits. Many new meme cryptocurrencies have entered the game over the last year. Projects such as Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), etc., have caused quite a storm in the memecoin space, outperforming the likes of Shiba Inu (SHIB) and Dogecoin (DOGE).
What Is The Memecoin’s Price If Its Market Cap Hits $500 Billion
If SHIB’s market cap hits $500 billion, it will become the second-largest crypto project behind Bitcoin (BTC), with a market cap of $1.35 trillion. There are about 589 trillion SHIB tokens in circulation. If the project’s market cap hits $500 billion, the price of each SHIB token will hit $0.000848 ($500 billion/589 trillion). Hitting $0.000848 from current price levels will translate to a rally of about 4718%. It will also mean a new all-time high for the dog-themed cryptocurrency.
While the growth would be commendable, the journey to $0.000848 is no easy task. According to Telegaon, SHIB will hit the $0.000848 mark between 2030 and 2035.
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Changelly presents an even more bearish outlook for SHIB. The platform anticipates the asset to hit the $0.000848 mark in September 2040, about sixteen years from now.
