Shiba Inu (SHIB) is experiencing a slight rebound after Bitcoin’s (BTC) reclamation of the $60,000 price level. SHIB has risen 1.1% in the daily charts and 0.8% over the previous week.
Source: CoinGecko
Despite the recent resurgence, SHIB continues to trade in the red zone in the other time frames. The asset is down by 15.6% in the 14-day charts and 23.9% over the previous month.
Also Read: Shiba Inu: Forget Millionaires, Can You Be a Billionaire By 2030?
Factors Influencing SHIB’s Price and Market Cap
Why is the Crypto Market Rising?
The latest market rebound follows the announcement of the US inflation data. Inflation in the US seems to be cooling more than what analysts anticipated.
The cooling inflation figures may have reignited investor hopes for an interest rate cut this year. Many anticipate that the Federal Reserve will cut interest rates in September, but the central bank has not yet made an official statement.
How High Can SHIB Go if Its Market Cap Reaches Bitcoin’s Level?
Bitcoin (BTC) currently has a market cap of $1.2 trillion. On the other hand, 589 trillion Shiba Inu (SHIB) coins are in circulation right now. If SHIB’s market cap is equal to that of Bitcoin, the price of each SHIB token will be $0.0020 (market cap divided by the number of tokens in circulation).
If SHIB reaches $0.0020, it will be the token’s new all-time high. The rally will also translate to a growth of over 14,400%.
Also Read: Shiba Inu: Can SHIB Rally 700% And Hit $0.00008 In 2024?
When Will SHIB Hit $0.002?
According to Changelly data, Shiba Inu (SHIB) could hit the $0.002 mark sometime between 2033 and 2040, over nine years from now.
Source: Changelly
Telegaon also paints a similar picture for SHIB, predicting the asset to breach the $0.002 level in 2035, about 11 years from now.
Source: Telegaon
SHIB’s future looks promising but uncertain. It remains to be seen if SHIB can reach its goal.