Altcoin Daily founder Aaron Arnold dismisses possibility of Shiba Inu reaching $0.01 in 2024.
Arnold emphasizes importance of market cap considerations in price predictions.
SHIB at $0.01 would require 54,100% growth, resulting in $5.895 trillion market cap.
Cryptocurrency analyst Aaron Arnold, founder of Altcoin Daily, has sparked debate in the crypto community by challenging the notion that Shiba Inu (SHIB) could reach $0.01 as early as next year.
Arnold’s recent statements on social media platform X highlight the critical importance of understanding market capitalization when making price predictions, particularly for newcomers to the cryptocurrency space.
I heard someone talking about they bought SHIB because if it only goes to 1c next year then they will be a millionaire.This is literally not possible with SHIB's current market cap.Learn how to value coins in market cap vs price.
— Altcoin Daily (@AltcoinDailyio) October 6, 2024
Arnold’s critique targets a common misconception among crypto enthusiasts: the belief that SHIB could achieve a penny valuation in the near term, potentially turning modest investments into millions. This perspective, while appealing, fails to account for the enormous market cap implications of such a price point.
Shiba Inu shows modest surge
Currently, SHIB trades at $0.0000183 with a circulating supply of approximately 589.5 trillion tokens. A simple calculation reveals that at $0.01, Shiba Inu’s market capitalization would skyrocket to an astounding $5.895 trillion.
This figure represents a 541-fold increase from its current $10.876 billion valuation, requiring a staggering 54,100% price appreciation.
To put this growth in context, even during the last post-halving bull run, SHIB’s remarkable 884,400% rally only pushed its market cap to around $45 billion at its peak in October 2021.
Arnold argues that expecting similar exponential growth from SHIB’s current multi-billion-dollar valuation is unrealistic within a one-year timeframe.
Contrasting views exist within the crypto community, with some prominent figures like Bitcoin author Jason Williams suggesting SHIB could reach $0.05 by next year.
