The Shiba Inu (SHIB) market was struck by volatility. The price of the asset has been witnessing constant rises and falls. Earlier today, the asset went from trading at a low of $0.0000130 to a high of $0.0000139.
This comes after a week of struggle. At press time, the meme coin was trading at $0.00001381 following a 3.35% rise over the past 24 hours.
In-Depth Market Cap Analysis
Market Cap Surge
Amidst this, the asset’s market cap also surged. SHIB rose by 3% and became the 13th largest cryptocurrency, with a market value of $8,136,910,802. It should be noted that SHIB’s highest market cap was $41 billion in October 2021, when it hit its all-time high.
While the struggle continues to reclaim this level again, several have been waiting for the asset to reach the $100 billion market cap.
Also Read: Shiba Inu: Here’s How You Can Be a Millionaire With SHIB by 2025
Tesla Market Cap
Currently, Tesla’s market cap stands at $698.31 billion. The meme coin would have to grow beyond the $100 billion mark. Shiba Inu’s price would remove two zeros if it surpasses Tesla’s market capitalization. This is taking into account the asset’s present supply. Specifically, given Tesla’s market cap, Shiba Inu would trade at about $0.00117.
Additionally, Shiba Inu would have to grow by at least 87 times its current value to accomplish this. This may provide investors in SHIB with an incredible 8,746% return today.
According to IntoTheBlock, 45% of the asset’s holders are in profit. Sadly, 53% of them were in a loss.
Also Read: How Many Billions of Shiba Inu Does the US Government Hold?
SHIB’s potential rise in price and market cap could put more holders in profit.