Shiba Inu must defy its current bearish trend and reclaim prices last seen in March 2024 to flip Dogecoin and become the largest meme coin by market cap.
Shiba Inu, like many altcoins, has been on a bearish trend recently, with Bitcoin’s growing dominance suppressing its price and market share. SHIB closed June with a 10% retracement, marking its second red month in a row and the fifth in the last six months.
Nonetheless, hope beams among enthusiasts that Shiba Inu will recover shortly. Fueling this optimism are developing bullish sentiments and broader technological advancements, as Shiba Inu aims to transition from a mere meme coin to a global technology powerhouse.
Shiba Inu has previously tested the top dog position, and enthusiasts remain hopeful that it will one day occupy that spot again. For perspective, SHIB reached a market cap peak of $39 billion in 2021, surpassing Dogecoin’s slightly lower valuation at the time.
However, Shiba Inu’s stay at the top was brief as prices collapsed, and Dogecoin reclaimed the position. Since then, DOGE has maintained its position as the meme coin leader. Notwithstanding, some claim Shiba Inu still has what it takes to flip DOGE.
For instance, a commentary from former Goldman Sachs analyst Murad Mahmudov suggests that Dogecoin’s pole position could be at risk. He stated that a meme coin could flip DOGE this cycle, sparking a community debate if Shiba Inu could replicate its October 2021 feat.
According to CoinMarketCap, Shiba Inu trades at $0.00001130, with a market cap of $6.66 billion, being the 19th largest asset. On the other hand, Dogecoin occupies the 9th position, trading at $0.16 with a market cap of $24.2 billion.
As a result, Shiba Inu must reach a valuation of at least $24.3 billion to surpass Dogecoin and become the top meme coin. While the current trend suggests otherwise, historical performance indicates Shiba Inu can attain such highs.
Meanwhile, from its current market valuation of $6.66 billion, a rise to $24.3 billion would result in a 264% increase.
With a $24.3 billion market cap, SHIB’s price would surely rally extensively from its current level. Now, assuming Shiba Inu maintains its 589.24 trillion circulating supply, a $24.3 billion market cap would culminate in a price of $0.0000412.
Interestingly, Shiba Inu has previously reached this price mark. Specifically, SHIB traded above it in March 2024, when it rallied to a peak of $0.0000456. As a result, analysts have predicted that the meme coin will soon reclaim this level.
For instance, Trader Mike highlighted an emerging historically bullish pattern in a TradingView analysis that could propel Shiba Inu to $0.00004 next. Another commentary predicted a move to $0.0000480 and as high as $0.0000707, citing a possible breakout.
Notably, Shiba Inu will only flip Dogecoin with a market cap of $24.3 billion if DOGE remains unmoved while SHIB rallies 264%. There is also no guarantee that Dogecoin would remain stagnant.
Read more on The Crypto Basic – Bitcoin, Cryptocurrency, DeFi Topics And News
