Shiba Inu Coin (SHIB) has surged into the top 20 cryptocurrencies by market cap, but how high does it need to go to overtake Dogecoin (DOGE)?
DOGE is the original memecoin that acted as inspiration for Shiba-based tokens such as SHIB. Much like the ‘Ethereum Killers’, SHIB is part of the alleged ‘Dogecoin Killer’ that could potentially overtake DOGE.
But how would that happen?
How SHIB Would Overtake DOGE’s Market Cap
If SHIB was to overtake DOGE’s – with its current market cap of $29.3bn – the price of SHIB would need to reach $0.0000743.
At this price, with SHIB’s circulating supply of 394 trillion, SHIB’s market cap would overtake the current DOGE market cap and put SHIB into the top 10 cryptocurrencies. SHIB’s current market cap is $11.1bn.
For SHIB to reach this price, it would need a 165.45% increase on its current price of $0.00002799. It would also mark a 91.49% increase on its all-time high of $0.0000388, reached in May.
While this percentage increase is lower than SHIB’s 331% growth in the past 30 days, it represents a market cap increase of $18.2bn – a much higher value than SHIB’s current surge gains.
Of course, this does assume that DOGE’s market cap remains at $29.3bn. DOGE is down 15.57% in the last 7 days – the lowest returns of any cryptocurrency in the top 20.
Could SHIB Overtake DOGE’s Price?
If the price of one SHIB was to reach DOGE’s price, it would have a market cap of $87 trillion. To put that in context, the total global market cap is just $2.2 trillion.
This means that in its current state, SHIB reaching DOGE’s price is highly unlikely. Even at $0.01, its market cap would be nearly $4 trillion.
This is because SHIB has a circulating supply of 394,796,000,000,000. DOGE has 131 billion – still seen as a lot compared to the likes of Bitcoin and ETH.
SHIB’s most likely avenue to $0.01 is coin burning. While SHIB burning has started, the total amount burned, or sent to a dead wallet, has not made a dent in SHIB’s supply – aside from Ethereum founder Vitalik Buterin’s burning of around 40% of the total SHIB.
For SHIB to reach $0.01 and hit DOGE’s market cap, it would need to burn 99.25% of the circulating supply, leaving it with 2.93 trillion SHIB.
(Prices Accurate as of 8:35 BST on October 13 via CoinMarketCap)
[Images via Executium on Unsplash]