October has been quite a challenging month for the famous meme coin Shiba Inu (SHIB). Over the past week, SHIB has dropped more than 10%. Unlike usual, this meme coin has hardly witnessed any increase this month. Over the past years, this asset has recorded a remarkable average spike of 211%. Can SHIB manage to achieve great success despite the sluggish October?
At the time of writing, SHIB is trading at $0.00001696, after rising 0.36% in the past 24 hours. In this context, the market capitalization of the asset has also decreased. The market value of Shiba Inu has fallen below $10 billion. Currently, the market capitalization stands at $9.99 billion, making this meme coin the 13th largest cryptocurrency in the industry.
While the market capitalization of the asset remains bleak, a push in which it will drive the price of the meme coin. Considering more ambitious bets, the community has highlighted the potential price of SHIB as it rises as high as the market capitalization of Bitcoin.
The price of SHIB if it reaches a market capitalization like BTC
The largest cryptocurrency in the world has a market capitalization of $1.35 trillion. This asset has previously also reached the milestone of $2 trillion. If Shiba Inu reaches the market like Bitcoin does now, then this meme coin would trade with not many more zeros than it currently does. Specifically, the price of Shiba Inu would be $0.00224. An astonishing price increase of 13,278% is needed to reach this level.
An increase at this level seems unlikely, given the relatively slow progress of SHIB. It is worth noting that Shiba Inu has surged 1,274,549.79% since its all-time low. The meme coin has increased more than 20 times compared to the percentage needed in the most recent cycle. But the asset will certainly take quite a long time to reach this high.