The cryptocurrency market appears to be slowly recovering its momentum. Bitcoin (BTC) is inching nearer to the $59,000 mark and the worldwide crypto market cap has risen 2% in 24 hours to $2.26 trillion. Shiba Inu (SHIB) has additionally barely recovered, rallying 1.1% within the final 24 hours. The favored dog-themed cryptocurrency continues to commerce within the pink zone within the different time frames. SHIB is down by 1,4% within the weekly charts, 5.9% within the 14-day charts, and 27% over the earlier month.
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Though SHIB has struggled to realize traction in the previous couple of months, the asset is predicted to soar to new heights if the US SEC approves a spot Ethereum (ETH) ETF. In accordance with Coinpedia Markets, SHIB may witness a 10-100X price surge after the spot ETH ETF. Surging by 100X would take SHIB’s price to round $0.001, a rally of about 9900% from present ranges.
Can Shiba Inu realistically hit $0.001?
SHIB has a circulating provide of roughly 589 trillion. Its market capitalization would enhance to round $589 billion if every SHIB token have been to succeed in $0.001. The determine is increased than ETH’s present market cap of $371 billion. It can make SHIB the second-largest crypto mission, given different property stay the identical.
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Whereas $589 billion is an attainable market cap, it’s unlikely to occur over a really brief time. In accordance with the information from Telegaon, Shiba Inu will attain the $0.001 degree someday between 2030 and 2035, about six to eleven years from now. Changelly paints an much more bearish image for SHIB. The platform predicts the asset to breach the $0.001 degree in January 2040, about sixteen years from now.