The cryptocurrency market has expanded this year owing to the price surges recorded in the first quarter. Last month, the global crypto market cap reached a two-year high of $2.76 trillion, with Shiba Inu contributing to the massive uptrend.
SHIB’s market cap spiked to a high of $21.16 billion on March 5, when the Shiba Inu price reached a yearly peak above $0.000045. At this price and market cap, Shiba Inu eventually overtook Avalanche (AVAX) to secure a spot among the top 10 cryptocurrencies by market cap.
Shiba Inu Price at $100B Market Cap
However, with the subsequent price retracement from the $0.000045 high, Shiba Inu’s market cap has witnessed an equivalent drop. According to CoinMarketCap (CMC) data, it is currently at $13.85 billion. This current valuation translates to a Shiba Inu price of $0.0000235.
To proponents who seek to see SHIB reclaim a spot in the top 10, a significant push in its market cap would be imperative. As a result, The Crypto Basic has assessed how much Shiba Inu would need to rally to clinch an unprecedented market valuation of $100 billion.
Considering its current circulating supply of 589 trillion tokens, as revealed by CMC, Shiba Inu must skyrocket to a price of $0.0001696 to hit a market cap of $100 billion. If other assets remain stagnant, this would lead to a new all-time high price and take SHIB to fourth position among the top crypto assets with the largest market capitalization.
SHIB’s Historical Battle for Top 10
Interestingly, despite SHIB’s downward pressure, market analysts still expect it to perform remarkably well in this bull season. Most recently, crypto trader Eunice Wong asserted that Shiba Inu is poised to witness a second leg up, expected to take its price to $0.000125 amid a massive 409% rise.
In addition, market analyst Cipher presented an analysis of Shiba Inu’s price performance in recent times, noting that SHIB is bound to witness a rise to $0.0001 by following its third Elliott Wave on a weekly timeframe. These lofty price targets would eventually push Shiba Inu’s market capitalization up.
As a result, reaching any of these targets would immensely bolster SHIB’s ambition to seal a spot among the top 10 cryptocurrencies. Shiba Inu first broke into the top 10 list in October 2021 when the spike to an all-time high led to a market cap above $39 billion, per CMC data.
However, it slipped below the tenth position amid the retracement that followed. SHIB has since been battling to push into the much-coveted top 10 rankings, and a surge to a market cap of $100 billion could make this happen. Nonetheless, this remains speculative as of press time.
