Crypto investor JAKE Gagain has reiterated his conviction that Shiba Inu will be the first meme coin to attain a $100 billion market cap.
Gagain reestablished this assertion in a recent post on X following Shiba Inu’s latest run, which saw the asset soar past the $20 billion market cap to become the 10th largest asset. Despite SHIB’s latest drop from this high, Gagain remains confident of its potential.
$SHIB Will Be The First 100 Billion MC Memecoin. pic.twitter.com/YogeSb2E7q
— JAKE (@JakeGagain) March 15, 2024
Shiba Inu Becoming First Meme to Hit $100B
Gagain’s new statement built upon his earlier declaration, in which he boldly expressed the view that Shiba Inu will crack a $100 billion market cap in this bull season.
The assertion sparked significant reactions from the crypto community, with Shytoshi Kusama, the Shiba Inu leader developer himself, remarking on the claim.
This time, Gagain boldly asserted that Shiba Inu would attain the $100 billion cap and become the first meme token to reach that lofty threshold. This view suggests the likelihood of Shiba Inu outranking Dogecoin (DOGE), its only contender in the meme space.
It bears mentioning that Shiba Inu eclipsed Dogecoin’s market cap in October 2021 when it hit its ATH. However, DOGE overtook SHIB when the crypto asset collapsed from the ATH.
Until recently, Shiba Inu had failed to close in on Dogecoin’s market since the drop in 2021. However, the asset moved toward overtaking Dogecoin again amid the latest market run.
Specifically, Shiba Inu rose by eight steps within a week, moving from position 18 to claim a spot in the top ten ranking of the most prominent crypto market tokens.
SHIB trailed closely behind DOGE at this juncture, with a gap of approximately $3 billion separating them. The development occurred as Shiba Inu exploded by over 300% to attain $0.00004534 with a market cap exceeding $23 billion on March 5.
Interestingly, the SHIB Army mobilized support to overtake Dogecoin’s position but was unsuccessful due to the onset of a notable bearish trend in the market.
Consequently, Shiba Inu slipped to 11th in the rankings, with its market capitalization shrinking to $17 billion. In contrast, Dogecoin’s market capitalization now stands at $23 billion.
Road to $100B Cap for SHIB
Significantly, for Shiba Inu to achieve a market capitalization of $100 billion, its current $17 billion cap would need to expand by almost 600%.
Assuming SHIB’s market supply remains unchanged, reaching a $100 billion cap would necessitate a price of $0.00017 per token. This figure represents an unprecedented price level compared to SHIB’s all-time high of $0.00008845.
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