Shiba Inu (SHIB) could skyrocket to unimaginable levels if it can capture about 5% of the global cryptocurrency market capitalization.
Shiba Inu has reclaimed the $0.000009 price territory, looking to solidify its position above the threshold. The crypto token has surged 1.57% over the past 24 hours amid the latest resurgence across the broader market, with Bitcoin (BTC) leading the charge.
However, despite its slip below $0.00001, Shiba Inu has become the subject of several price projections, most of them ambitious in nature.
Most recently, The Crypto Basic assessed which one of these projections could materialize if Shiba Inu captures a chunk of the global crypto market cap.
The crypto market cap currently stands at $1.61 trillion, with Bitcoin contributing the most to this value. Notably, Shiba Inu only commands 0.3% of the entire crypto market cap, with a current market valuation of $5.32 billion.
It bears mentioning that an asset’s market capitalization is a product of their circulating supply and market value. CoinMarketCap’s data puts Shiba Inu’s circulating supply at 589.29 trillion tokens, with a current price of $0.00000901 per SHIB.
Shiba Inu Value at an $80.5B Market Cap
The product of both values resulted in the market cap of $5.32 billion, or 0.32% of the global market cap. The question now is, what if Shiba Inu captured 5% of the global crypto market cap with its circulating supply remaining constant, how much would its price be?
Notably, 5% of the global crypto market cap stands at $80.5 billion. At the circulating supply of 589.29 trillion tokens, should SHIB clinch a market cap of $80.5 billion, this would bring the price of 1 Shiba Inu token to $0.000136605. This price would mark a new all-time high for the asset.
The closest Shiba Inu has been to this market cap was when its valuation surged to $43.15 billion amid the October 2021 rally that saw it hit a new ATH. This placed SHIB among the top three crypto tokens by market cap, representing the largest feat for any memecoin in the crypto scene.
While the $0.0001366 price is achievable in the long run, uncertainty abounds whether Shiba Inu can reach the price. The crypto asset would need to rally 1,416% to clinch the target.
Nonetheless, amid the burn campaign, if SHIB’s circulating supply is substantially reduced, the asset might see a higher value at an $80.5 billion market cap.
