Shiba Inu (SHIB), the popular meme coin, has captured the imagination of investors once again. Analyst Jake Gagain predicts a surge in SHIB’s market cap to a whopping $100 billion “this cycle,” sparking discussions about the feasibility of this target in 2024.
SHIB’s journey has been nothing short of remarkable. Since its launch just four years ago, the token has witnessed a meteoric rise, with its price skyrocketing by millions of percent during the 2021 bull run. Currently sitting comfortably within the top 15 crypto projects by market cap, SHIB continues to hold a strong position in the market.
Reaching the $100 billion mark would translate to a significant price increase for each SHIB token. With the current circulating supply hovering around 589 trillion, the price per token would need to reach $0.000169, reflecting a staggering 884.8% jump from today’s value. Interestingly, a reduction in circulating supply could push the price even higher.
However, a price correction is currently underway for SHIB. The token has dipped by 3.8% and 13.2% in the daily and weekly charts, respectively. Despite the recent slump, SHIB has managed to hold onto a modest 4.2% gain over the past two weeks.
So, can SHIB realistically achieve a $100 billion market cap by the end of 2024? Analysts seem divided. Reaching the predicted price of $0.00016 appears challenging. According to Changelly, this milestone might not be reached until 2028, with a maximum price prediction of $0.00017 for that year. Telegaon offers a slightly more optimistic outlook, suggesting a breach of $0.00016 by 2027, with a projected maximum of $0.000198.
Several hurdles stand in the way of SHIB reaching its $100 billion target in 2024. A broader bullish trend in the overall cryptocurrency market is crucial. Additionally, SHIB needs to see either a significant surge in adoption or a substantial token burn to reach the predicted price point.
Only time will tell if SHIB can defy the odds and reach the $100 billion mark this year. However, one thing remains certain: the journey for this meme coin continues to be an exciting one for investors and enthusiasts alike.
