Here’s what the Shiba Inu price will be when it reaches Dogecoin’s market cap

The Shiba Inu price has followed closely Dogecoinconsidering the two are the largest meme coins by market cap. This has led to conversations about what SHIB’s price would be if it reached Dogecoin’s market cap.

What will the Shiba Inu price be when it reaches Dogecoin market cap?

MarketCapOf data shows that if this were the case, the Shiba Inu price would be $0.00004883 Dogecoin market capitalization of $28.7 billion. A Shiba Inu rally to $0.00004883 would represent a price increase of over 250% from current levels. SHIB currently has a market cap of $11.1 billion, which is 0.39x less than DOGE.

However, it is worth noting that Shiba Inu price once reached the current target of $0.00004883 All-time high (ATH) is at $0.00008845. Shiba Inu would also now have a larger market cap if it were to reach $0.00004883 or even rise to its current high of $0.00008845, considering billions of SHIB tokens have been burned since then.

Interestingly, the opposite will be true Dogecoinwhich is inflationary. Therefore, Dogecoin would have a smaller market cap even if it reached its current ATH of $0.73. In 2021, the leading meme coin reached a market cap of $80 billion, reaching its new high. However, DOGE, which currently boasts of $80 billion, would put its price at just $0.5.

Meanwhile, Shiba Inu price reaching Dogecoin’s market cap will make SHIB the eighth largest coin by market, matching DOGE’s current ranking.

SHIB will achieve this goal soon

Shiba Inu price is likely to break the $0.00004883 target in the foreseeable future. This emerges from information from a crypto analyst Javon Mark’s analysisin which he predicts a price recovery to SHIB’s current ATH. In an X post, he noted that the Shiba Inu is still far from a confirmed Hidden Bull Divergence and has broken out.

Accordingly, the analyst stated that Shiba Inu price could be preparing for its “next performance” towards the $0.000081 target. He also alluded to the role that the ongoing Bitcoin bull market could play in triggering this price rally. Indeed, given her Price correlationBitcoin price rally could contribute to Shiba Inu rally.

IntoTheBlock data shows that the Shiba Inu price correlation with Bitcoin is 0.54, indicating a positive price correlation. Given the bullish outlook for Shiba Inu price, Javon Marks is confident that the 300% recovery to SHIB’s current ATH is imminent.

At the time of writing, the Shiba Inu price is trading at around $0.000019, up over 2% in the last 24 hours Data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com