During the 2021 bull run, Shiba Inu (SHIB) had one of the most phenomenal price increases. Since its peak in 2021, the price of the asset has been falling. SHIB supporters and investors remain undeterred by the poor performance of the asset and are still chasing higher prices and larger market capitalization.
SHIB currently has a market cap of $10.3 billion, making it the 13th largest cryptocurrency project. If SHIB’s market cap reaches $100 billion, it would need to grow by 870.87%. Given that there are approximately 589 trillion SHIB in circulation, if SHIB’s market cap reaches $100 billion, the price of each SHIB would be $0.000169.
When Will Shiba Inu’s Market Cap Hit $100 Billion?
SHIB is currently in a downturn, but the asset has a lot of potential for another explosive rally like it did in 2021. For SHIB to recover like it did in 2021, a few things need to happen.
One of the biggest catalysts for SHIB’s 2021 price surge was the massive SHIB token burn by Vitalik Buterin. Buterin received half of SHIB’s supply at launch and decided to burn 90% of the tokens he received. A similar cash-burning initiative could significantly impact SHIB’s price.
Token burning alone will not push up SHIB’s price, as stated by lead developer Shytoshi Kusama. Token burning needs to be accompanied by a high level of adoption for the value to increase.
Another factor that will push up the price of Shiba Inu is the overall positive market sentiment. In 2021, most major crypto projects hit all-time highs. This paves the way for meme projects like SHIB to also rise in price. Investors are taking risks with newer and smaller projects.
See also: AI predicts SHIB price on July 1
