Shiba Inu price can rally 600% from current levels, but SHIB to stay under a cent: Analyst
- Shiba Inu would require a market cap of 1 Quadrillion USD if it were to reach $1, the analyst says
- He says even reaching the equivalent of the US National Debt at $23 trillion would only be 3% of what SHIB needs to hit the psychological level
- Shiba Inu is currently the 12th largest cryptocurrency with a market cap of about $23 billion
Shiba Inu has declined around 6% in the past 24 hours and is down nearly 23% over the past week.
Despite this bearish outlook, the SHIB token remains well in the green year-to-date and it is one of crypto’s breakout cryptocurrencies this past year. According to data from CoinGecko, SHIB price has increased by a staggering 61727645% since November 2020.
And with more value locked in the DeFi sector, investor perspective for the coin is that it can mirror and even outrun its meme counterpart DogeCoin (DOGE) towards a new record.
Can SHIB eventually hit $1?
According to Broctagon CEO Don Guo, this is very unlikely and virtually impossible unless is being burned.
Guo says Shiba Inu price reaching the dollar mark, a psychological target many investors see as the milestone that would set the crypto to the next level in terms of market performance, requires an astronomical capital inflow.
The Broctagon chief notes that the amounts of money required to make it possible for SHIB to rally to one dollar by market value are not available.
“In order for SHIB to reach a dollar, it requires a market capitalisation of one quadrillion US dollars,” he said on Tuesday in