Shiba Inu Could Eliminate a Zero From Its Price if Dogecoin Achieves a $1 Trillion Market Cap

As Shiba Inu continues to garner attention in the crypto market, its price movements are being closely analyzed by investors, especially in relation to Dogecoin. With both coins being part of the meme coin family, their price surges tend to influence each other to some extent.

This analysis gained momentum as several analysts project that Dogecoin might become the first meme coin to reach a $1 trillion market cap. Currently, Dogecoin's market cap stands at around $50.88 billion, while Shiba Inu's market cap is valued at $12.75 billion at press time.

Should Dogecoin experience a 1,865% rally to reach a $1 trillion market cap, its price will soar to $6.77 from the current value of $0.3447, assuming no changes to its circulating supply.

This potential surge has sparked curiosity among investors regarding its impact on other meme coins, particularly Shiba Inu.

Shiba Inu, launched in 2020, has quickly ascended as one of the leading meme coins, with its utility extending beyond just trading to decentralized finance (DeFi). Several factors, such as Shiba Inu’s ecosystem developments, market sentiments, and its correlation with other assets like DOGE, have significantly influenced SHIB’s price.

For context, Shiba Inu boasts a correlation of 83% with Dogecoin over the past 30 days, soaring to 88% in the past two months. However, Shiba Inu’s correlation with other top assets like Bitcoin and Ethereum has been low compared to Dogecoin.

This indicates that SHIB has been moving in tandem with Dogecoin’s price movement more than any other crypto over the past 60 days.

Shiba Inu Price if Dogecoin Hits $1T Market Cap

At press time, Shiba Inu trades at $0.00002134 with a market cap of $12.75 billion. Assuming Shiba Inu experiences a proportional surge of 1,865%, like Dogecoin on its way to a $1 trillion market cap, its price will soar to $0.0004193.

Therefore, if Dogecoin achieves a $1 trillion market cap, Shiba Inu’s price could rise to a staggering $0.0004193 per token.

At $0.0004193, Shiba Inu’s market cap will soar to $250.53 billion if SHIB’s circulating supply of 589.25 trillion tokens remains stable. Also, investors with portfolios of 100 million SHIB, currently valued at $2,134 at the current price, will see their investments multiply to $41,930 if SHIB hits a target of $0.0004193.

Similar Projections

The $0.0004193 target aligns with several optimistic predictions that top experts have made for Shiba Inu.

Last month, pseudonymous market observer CryptoELITES identified the formation of a bullish cup and handle pattern on Shiba Inu’s chart, predicting a rise to $0.000472905 this cycle.

In October, popular market analyst Cantonese Cat referenced Shiba Inu’s 2023 performance to project a potential surge to $0.00047. Cantonese Cat highlighted that Shiba Inu was the only crypto asset flashing a buy signal at the time.

Even though Shiba Inu has shown its potential for making substantial gains, its ability to reach the $0.0004193 target depends on several factors, ranging from market sentiment to burns. A significant portion of Shiba Inu’s 589.25 trillion must be burned quickly to hit the target.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.