Shiba Inu (SHIB) Could Delete a Zero and Hit a New All-Time High If It Becomes Half as Big as Ethereum

The relief rally in the crypto market has continued to benefit Shiba Inu, with its market cap soaring from the $7 billion region to above $8 billion.

Shiba Inu might be able to delete a zero and hit a new all-time high if it becomes half as big as Ethereum, the second-largest cryptocurrency by market cap.

Shiba Inu’s Relationship with Ethereum

Popular Shiba Inu developer Kaal Dhairya once noted that SHIB is the no.1 most loyal ERC-20 token to Ethereum. Shiba Inu debuted on the Ethereum blockchain in August 2020. Since then, SHIB has remained one of the top ERC-20 tokens on the Ethereum blockchain.

Moreover, Ethereum is currently the blockchain powering Shiba Inu’s ecosystem projects, including Shib: The Metaverse and its scaling solution Shibarium. As such, many are interested in whether Shiba Inu would be able to be half as big as Ethereum and how high SHIB’s price would increase if this happens.

SHIB Price If It Captures 50% of ETH Market Cap

The possibility of Shiba Inu becoming half as big as Ethereum would mean that it captures half or 50% of ETH’s valuation.

Shiba Inu is currently trading at $0.00001420. The cryptocurrency has a market cap of $9.44 billion and is currently ranked as the 16th biggest cryptocurrency globally.

Similarly, Ethereum has experienced slight gains amid the ongoing relief rally, with its price also soaring 2.42% in the past day to $2,370. ETH remains the second-biggest cryptocurrency globally, boasting a market cap of $286.14 billion.

Now, half of Ethereum’s market cap translates to $143.07 billion. This could be Shiba Inu’s new market cap if SHIB becomes half as big as ETH. A valuation of $143.07 billion would push SHIB’s price to a new all-time high of $0.0002428. This estimate assumes that SHIB’s supply remains static around the 589.25 trillion mark.

Potential Timeline To $0.0002428 Target

Meanwhile, market commentators have dropped insights on whether it is possible for SHIB to rise to the $0.0002428 target. Interestingly, most of them believe the target is attainable, as reflected in their previous predictions.

Last year, popular Bitcoin investor Moataz “Eljaboom” Elsayed speculated that Shiba Inu could clinch the $0.00024 target if it replicates its Q2 2021 performance.

In addition, a previous Crypto Basic analysis conducted this year suggested that SHIB could rise to the $0.00024 target if Solana’s price soared to $3,000 per coin.

Notably, Changelly put a timeline regarding when Shiba Inu would hit the $0.0002428 target. According to Changelly, Shiba Inu will achieve the feat by November 2031, six years from now. However, the top prediction platform Telegaon believes the $0.0002428 target will become a reality by 2028.