Shiba Inu [SHIB] investors have been eagerly awaiting a surge in the meme coin. Currently, the cryptocurrency is trading 81% below its all-time high of $0.00008845. At press time, SHIB is priced at $0.00008845, down 3.49% in the past 24 hours. However, the token’s market cap is stable at $9.39 billion. An increase in the market cap could push up the price of the asset as the SHIB Army anticipates a surge. For example, if Shiba Inu’s market cap exceeds Solana [SOL]’s current valuation of $85 billion, the meme coin could surge by more than 700%. Shiba Inu has been having a hard time lately as its price has been falling for several days.
Looking ahead
ChatGPT claims that SHIB has a massive token supply of over 589 trillion. If the community has no plans to burn a large number of tokens and the supply remains constant, a market cap of $85 billion would equate to a price of approximately $0.00014415 per SHIB token. This estimated price represents a significant increase of 762% from Shiba Inus’ current market value of $0.00001675. In addition, it also significantly exceeds the token’s all-time high price of $0.00008845 set in 2021.
Reaching a high of $85 billion in market cap could boost the entire SHIB ecosystem. Some analysts believe that the meme coin has the potential to reach a high of $100 billion in market cap during this bull cycle. This could push SHIB to a high of $0.00016.
As SHIB celebrates its fourth anniversary, most of its holders are in the red. At the asset's current price range, 47.81% of SHIB holders are in profit. Investors who are in the red are the majority. According to IntoTheBlock, about 48% of meme coin holders are in the red.
