The popular canine-themed cryptocurrency, Shiba Inu (SHIB), could potentially approach its previous all-time high if it is able to maintain its dominance in the face of a $10 trillion total crypto market capitalization. This speculation comes after the prices of various crypto assets, including Shiba Inu, suffered significant losses on October 25, triggered by news of the U.S. government’s probe into Tether, USDT stablecoin issuer, over possible contravention of anti-money laundering regulations.
As of this moment, the total crypto market has declined by 2.09% over the course of 24 hours, dropping to $2.27 trillion. Shiba Inu has experienced a comparable decrease, with its market cap now standing at $9.95 billion, indicating a 2.23% slump in the last day.
Speculation over the future trajectory of the global crypto market cap is rife, with current estimates hovering around $2.27 trillion. Ripple CEO, Brad Garlinghouse, has projected that the global market valuation could reach the $5 trillion mark by the end of 2024. Meanwhile, other market observers are setting their sights even higher, predicting a total crypto market cap of $10 trillion by the end of the 2024/2025 market cycle.
If these bold predictions do materialize, the prices of a multitude of crypto assets, including SHIB, could skyrocket to unprecedented levels, based on their respective market dominance. Shiba Inu’s market cap is currently pegged at $9.95 billion, boasting a market dominance of around 0.44%. If the token can maintain this position in a $10 trillion global market, the valuation of SHIB could surge to an impressive $44 billion, marking a 342.21% increase from its current market cap.
In terms of individual token value, with Shiba Inu’s circulating supply of 589.26 trillion tokens remaining stable, a $44 billion valuation would see SHIB trading at $0.00007466 per token. This still falls short of Shiba Inu’s all-time high record of $0.00008616, noted on October 28, 2021.
However, this potential surge would present a lucrative opportunity for investors. Those who purchase Shiba Inu tokens at the current trading price of $0.00001689 could make a substantial profit of 342.21% on their investment, should SHIB reach a valuation of $44 billion. For instance, an investment of $1,000 in Shiba Inu today could potentially grow to $4,422 if SHIB secures the projected $44 billion market cap.
Several analysts have offered their own predictions for Shiba Inu’s future price trajectory. Among them, Alan Santana speculates SHIB could hit the $0.00007 mark in early 2025. TradingView analyst Without_Worries also projects a potential rally of 400% for Shiba Inu, taking its price to around $0.000074.
Despite these encouraging predictions, it’s essential to remember the volatile nature of the crypto market and to proceed with caution when investing in cryptocurrencies, including Shiba Inu.
