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Shibarium-related developments have managed to keep Shiba Inu consistently in the news over the past few days. Crypto enthusiasts have been actively discussing this asset on multiple platforms. At press time, SHIB ranked 3 on the ‘trending’ list on LunarCrush. In fact, among the other top tokens in the category, SHIB was the only one to register an appreciation greater than 1%. Moreover, the largest crypto asset was seen exchanging hands at $0.000008066 at press time.
Also Read: Shiba Inu: Is SHIB Primed to Rise 16% by Sept. 1, 2023?
With Shiba Inu barely stepping foot into recovery territory, the community has yet again become optimistic about a SHIB rally. In fact, they expect the asset to attain several milestones on the price front going forward. So, in this article, we will analyze the prerequisites for SHIB to reach the psychological $0.001 target.
Also Read: Shiba Inu: 2 Ways SHIB Could Reach $0.01
Shiba Inu’s Path to $0.001
Shiba Inu’s aggregate valuation, or market cap, is currently around $4.75 billion. Now, for SHIB to attain a price of $0.01, its market cap will have to initiate a multi-fold increase. As far as the math is concerned, Market Cap = Circulating Supply x Price. Using the 550 trillion SHIB circulating supply as the basis, it can be seen that the asset’s aggregate valuation will have to notch up to $550 billion for its price to reach $0.001 cent.
At press time, Bitcoin’s market cap stood at around $505 billion. Thus, for SHIB to attain $0.001 on the price front, it will have to surpass today’s valuation of Bitcoin and cover a few more miles. The $550 billion pre-requisite seems far-fetched at the moment, and it does not seem like SHIB will reach it in the short or mid-term.
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