Cryptocurrency investor Jake Gagain has doubled down on his prediction that Shiba Inu (SHIB) will become the first meme coin to reach a staggering $100 billion market cap. This bold claim comes on the heels of SHIB’s recent surge, which propelled it past the $20 billion mark and into the top 10 largest crypto assets. Despite a recent dip, Gagain remains bullish on Shiba Inu’s potential.
Gagain’s renewed confidence builds upon his earlier prediction that SHIB will crack the $100 billion barrier during the current crypto bull run. This statement sent ripples through the crypto community, even catching the attention of Shytoshi Kusama, the lead developer for Shiba Inu.
This time around, Gagain raises the stakes, suggesting SHIB will not only hit $100 billion but also become the first meme token to achieve this feat. This directly challenges Dogecoin (DOGE), Shiba Inu’s main rival in the meme coin space. Notably, SHIB surpassed Dogecoin’s market cap in October 2021 before a market crash reversed the positions.
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However, the recent market rally seems to be putting Shiba Inu back in the game. Within a week, SHIB climbed eight spots in the rankings, reaching the coveted top 10 position. At that point, it trailed Dogecoin by just $3 billion. This rapid rise came amidst a surge exceeding 300%, pushing SHIB’s price to $0.00004534 and its market cap beyond $23 billion on March 5th. The dedicated “SHIB Army” mobilized to potentially overtake Dogecoin, but a broader market downturn hampered their efforts.
As a result, Shiba Inu currently sits at 11th place with a market cap of $17 billion, while Dogecoin holds a market cap of $23 billion.
A Steep Climb to $100 Billion
To reach the $100 billion mark, Shiba Inu’s market cap needs a near-600% increase from its current position. Assuming the circulating supply remains constant, this translates to a price target of $0.00017 per token. This price point significantly surpasses SHIB’s all-time high of $0.00008845.
Whether Shiba Inu can defy the odds and become the first $100 billion meme coin remains to be seen. However, Gagain’s prediction and the recent market rally highlight the potential and community backing behind this popular meme token.
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