The ambitious $1 price for Shiba Inu stands far-fetched due to valuations that could exceed even the global wealth estimate.
Amid the ongoing market downturn, Shiba Inu remains at the mercy of the bears. On Friday, SHIB again retreated to the $0.000012 price range. Now, SHIB trades at $0.00001291, down by over 7% over the past week.
However, regardless of the ongoing bearish sentiment in Shiba Inu, proponents continue to hold lofty aspirations for the meme coin. They anticipate a future where SHIB trades with fewer leading zeros, like $0.001, or where it has none, trading at $0.1 or $1.
However, a much-overlooked aspect of these price predictions is the potential market valuation that SHIB would accrue at these prices.
Shiba Inu Market Size at $0.001
In August, Armando Pantoja from Benzinga’s crypto advisory board predicted a major surge for Shiba Inu, projecting a 72X increase to $0.001. Pantoja cited a bullish RSI divergence and suggested that the cryptocurrency had entered a prime buying zone.
He asserted that SHIB could rise dramatically, offering investors a potential 7,193% gain from current prices. The August analysis built upon an earlier one in which Pantoja asserted that Shiba Inu was headed towards $0.001 after Bitcoin’s halving.
Notably, with a supply of over 589 trillion SHIB tokens, this meme coin would command a market cap exceeding $589 billion. Remarkably, this hypothetical market cap is even more than twice the current valuation of Ethereum, the king of altcoins.
Critics see this enormous market cap as a far-fetched dream, countering those who think it is attainable by next year.
Shiba Inu Size at $1 and $0.01 Prices
Meanwhile, hopes of Shiba Inu someday attaining a $0.01 price point or even $1 are widespread in the crypto community. Among the leading voices championing this bold forecast is even a team member of the Shiba Inu project crew, Lucie, the content marketing specialist.
During the Shiba Inu frenzy of early this year, Lucie conveyed her long-term sentiment that SHIB will one day attain $0.01. Aside from Lucie, the one-cent dream is a standing aspiration for the meme coin among community members. Although, most have avoided issuing a timeline for this to happen.
Notably, should its supply remain unchanged, Shiba Inu will clock a market cap of $5.89 trillion at a price of $0.01. This theoretical market cap is more than five times the current valuation of Bitcoin, the biggest crypto.
More remarkably, at $1, Shiba Inu would command an insane cap of $589 trillion. For context, the global wealth is estimated at $454 trillion. As a result, this market cap required for SHIB at $1 makes the price point unrealistic because it asks the question of what would be the global wealth figure in such a case or even the cap of Bitcoin, where only SHIB could attain $589 trillion.
Essentially, the resulting market cap of Shiba Inu at prices of $0.001, $0.01, and $1 makes predictions for these prices mere fanciful dreams with barely any dose of reality.
Shiba Inu needs to increase by 7,745,833% to hit $1. Interestingly, looking at history, Shiba Inu’s percentage price surge from its all-time low far exceeds this required growth.
It is worth mentioning that prediction platform Telegaon, which forecasts a SHIB $1 price, has set a timeline of 2050, which is nearly three decades away.
