The Shiba Inu SHIB/USD community remains resolute in their belief that the meme token will eventually reach 1 cent or $0.01 over the long term.
What Happened: With SHIB currently trading at $0.00003665, the climb required to achieve this milestone is nothing short of extraordinary – a staggering 27,185.1% increase.
To put this into perspective, for an investor to reap the rewards of $1 million when SHIB reaches $0.01, an investment of $3,665 in SHIB today would be necessary.
This comes as Shiba Inu experienced a surge of 50.3% on Monday. Over the past week, its gains have accelerated by 238.8%.
Why It Matters: The price appreciation has reinstated SHIB among the top hierarchy of cryptocurrencies, placing it within the top 10 by market capitalization. SHIB’s market value has ascended to approximately $23 billion, nearing Dogecoin’s DOGE/USD market cap, which stands at around $26 billion.
If Shiba Inu were to reach a price of $0.01, given its total supply of 589.53 trillion SHIB, the resulting market capitalization would soar to approximately $5.9 trillion.
This comes as SHIB outperforms Dogecoin, in 24-hour trading volume — registering $7.82 billion against Dogecoin’s $6.42 billion volume, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Spike After Franklin Templeton Files for BTC Spot ETF: Analyst Say If King Crypto Holds This Level, It Could Reach $30K Soon
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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