With the Shiba Inu (SHIB) community implementing several initiatives to increase the meme coin’s utility, a cryptocurrency trading expert has made a bold prediction regarding the token’s market capitalization.
Particularly, crypto expert Casey Stubbs projected in an X post on June 16 that Shiba Inu will likely experience an inflow of capital, potentially elevating the token’s market cap to $1 trillion. This projection is anchored on the anticipated impact of Shiba Inu’s layer-2 scaling solution, Shibarium.
“I am envisioning a day where there are thousands of SHIB and BONEpairs trading on shibarium with billions of dollars worth of transactions daily and trillion dollar market cap,” he said.
The market expert was reacting to a post by another Shiba Inu insider with the pseudonym SpecialK, who highlighted the potential impact of Shibarium. SpecialK highlighted the platform’s foundational strengths, describing it as the backbone of the SHIB project.
He noted that Shibarium will redefine the crypto space and urged investors to prepare for a transformative journey.
It is worth noting that the Shibarium platform, designed to enhance the efficiency and scalability of the SHIB ecosystem, has been at the center of numerous developments aimed at expanding SHIB’s utility and adoption.
Impact of $1 trillion market cap
Indeed, such an inflow of capital to $1 trillion would significantly impact the valuation of SHIB. Currently, Shiba Inu is trading at around $0.0000200 with a market cap of $11.75 billion. If SHIB reached a market cap of $1 trillion, the token would likely trade at approximately $0.0017. This would represent a price increase of 8,395.75%.
While the prediction of a $1 trillion market cap for SHIB is ambitious, it reflects a broader optimism among SHIB enthusiasts. However, the token must first target more realistic market cap values, such as its all-time high of nearly $40 billion, which corresponded with a record price of $0.00008845
Achieving this milestone would set the stage for other realistic targets, including $50 billion and $100 billion.
Despite Shibarium’s impact, the Shina Inu community also relies on other metrics that are likely to give the token more utility. For instance, the token has since increased its burning rate.
In this case, data provided by Shibburn indicates that as of June 17, 398,706,509 tokens were burned over the past seven days, an increase of almost 750%.
SHIB price analysis
In the short term, SHIB faces a challenging period marked by bearish sentiments. On the weekly chart, it has lost nearly 14% of its value and is trading at around $0.0000200 at press time.
SHIB seven-day price chart. Source: Finbold
Throughout the week, SHIB has displayed significant volatility, with the price hovering around the $0.000020 mark, which appears to be a support level. This level could be a critical psychological threshold for traders, with an initial weekly high of around $0.00002319 as a resistance level.
If the $0.000020 support level holds, SHIB may stabilize or attempt a rebound. However, a breach of this support level could lead to further declines.
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