The cryptocurrency market seems to be slowly regaining momentum. Bitcoin (BTC) is inching closer to the $59,000 mark, with the global cryptocurrency market cap up 2% in 24 hours to $2.26 trillion. Shiba Inu (SHIB) has also recovered slightly, gaining 1.1% in the past 24 hours. The popular dog-themed cryptocurrency continues to trade in the red zone in other timeframes. SHIB is down 1.4% on the weekly chart and 5.9% on the 14-day chart, and is down 27% over the last month.
Although SHIB has struggled to gain traction over the past few months, the asset is expected to soar to new highs if the SEC approves a spot Ethereum (ETH) ETF. According to Coinpedia Markets, the price of SHIB could increase 10-100 times after the spot ETH ETF is listed. A 100-fold increase would bring the price of SHIB to around $0.001, an increase of about 9,900% from current levels.
Can Shiba Inu really reach $0.001?
The circulation of SHIB is about 589 trillion. If each SHIB token reaches $0.001, its market value will increase to about $589 billion. This figure is higher than ETH's current market value of $371 billion. If other assets remain unchanged, SHIB will become the second largest crypto project.
While $589 billion is an achievable market cap, it is unlikely to be achieved any time soon. According to Telegaon, Shiba Inu will reach the $0.001 level between 2030 and 2035, which is about six to eleven years from now. Changelly paints a more pessimistic picture of SHIB. The platform predicts that the asset will break the $0.001 level in January 2040, which is about sixteen years from now.
