October was quite challenging for the prominent meme coin Shiba Inu (SHIB). Over the past week, SHIB dropped by over 10%. Unlike the usual, the meme coin barely witnessed gains this month. Over the past several years, the asset has noted a notable average spike of 211%. Can SHIB manage to make it big despite a slow October?
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Shiba Inu’s Current Market
At press time, SHIB was trading at $0.00001696, following a 0.36% rise over the past 24 hours. Amidst this, the asset’s market cap also saw a dip. Shiba Inu’s market value dropped below the $10 billion mark. Currently, the market cap stands at $9.99 billion, making the meme coin the 13th largest cryptocurrency in the industry.
While the asset’s market cap remains bleak, a boost in the same would push the price of the meme coin. Looking at more ambitious bets, the community highlighted the possibility of SHIB’s price when it grows as high as Bitcoin’s market cap.
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SHIB’s Price if it Reaches BTC’s Market Cap
The world’s largest cryptocurrency has a market cap of $1.35 trillion. The asset has also previously reached the $2 trillion mark. If Shiba Inu reaches the market as Bitcoin does today, the meme coin will trade with a lot fewer zeros than it does now. In particular, the price of Shiba Inu would be $0.00224. An incredible 13,278% price increase would be needed to reach this level.
An increase of this magnitude seems unlikely, considering the relatively slow progress of SHIB. It should be noted that Shiba Inu has managed to surge by 1274549.79% since its all-time low. The meme coin grew by over 20 times the necessary percentage in the most recent cycle. But the asset will certainly take quite some time to reach this high.
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