Shiba Inuhas achieved its goal of dethroning Dogecoin as the meme coin in the 2021 bull run. According to CoinGecko data, in October 2021, SHIB’s market capitalization exceeded $37.8 billion, surpassing DOGE, which had a market value of $32 billion at that time.
However, the market value of the Shiba Inu collapsed as it fell below its all-time high of $0.00008845. Cryptocurrency continued to lose value, along with the market downturn and events such as Terra and FTX.
Shiba Inu Market Value Is Recovering
With the recent revival in the price of Bitcoin, there is a gradual recovery in the market value of the Shiba Inu. With the latest price increase, the asset’s value increased from $7.16 billion at the end of February to $26.26 billion as of March 5.
SHIB surpassed Polkadot and Polygon to become the 13th largest entity and later rose to 10th place. However, with its current value of $19.9 billion, Shiba Inu still does not equal Dogecoin’s market cap of $24.83 billion, making DOGE the ninth largest asset.
As Koinfinans.com reported, Shiba Inu advocates expect the token to outperform Dogecoin, but we analyzed how much the price would need to rise to catch up with Dogecoin’s market cap. This evaluation also gives an idea about the price of the Shiba Inu when equal to the market value of DOGE.
Currently, the asset has a market cap of $19.9 billion after a correction of over 24% from the high, while Dogecoin has a market cap of over $24.8 billion. According to the data, the asset only needs to increase in price by 25%, or 1.25 times, to reach Dogecoin’s market cap. This means that the price of SHIB will increase by 52% to $0.00004205.
At this price, SHIB’s market cap would rise to $24.8 billion, assuming circulating supply remains constant. There is confidence among investors that such a price rally will occur, but this is not certain. Although SHIB, which has increased by a large 264% in the last month, is in an upward trend, there is no guarantee of reaching $0.00004206 with a 25% increase.
