SHIB Could Eliminate Two More Zeros and Hit $0.00117 if It Attains Tesla's Market Cap

Shiba Inu has primarily been at the receiving end of the crypto market's bearish sentiment in recent days. The meme coin hit a new daily low of $0.00001295, declining further by 3.3%.

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Shiba Inu price recently fell another 3.3% to hit a new daily low of $0.00001295 before rebounding slightly.

Shiba Inu price has recently retraced the 0.000013 price level and is trading again at around $0.00001325. This price represents a decline of approximately 30% from its high value a month ago.

Previously, Shiba Inu was among the best performing crypto assets in the bull market. Based on the annual time frame, SHIB has recorded a 50% increase in its current price.

The challenges started after briefly reaching $0.000045 five months ago. This jump was particularly notable because the Shiba Inu surged nearly 400% in just ten days, reaching price levels last seen in 2021.

Shiba Inu price showed resilience and took longer to return to previous lows, followed by a quick pump to $0.000045.

During this peak, many analysts speculated that the Shiba Inu would reach a new all-time high, far exceeding the 2021 record. Some have suggested that SHIB could reach a market cap of $100 billion.

Jake Gagain, a widely followed commentator in the community, first raised the possibility of the Shiba Inu reaching a market value of $100 billion in March. It is stated that this milestone will increase the SHIB price to at least $0.00016.

Gagain said in a later comment that SHIB will not only reach $100 billion, but will also be the first meme coin to reach such a large market cap.

This view later gained traction in the crypto community, with experts like Zach Humphries also voicing the possibility of the Shiba Inu reaching a market value of $100 billion next year.

Although this prediction has not yet come true, it is largely due to the ongoing bear market and shows the community's belief in the potential of the Shiba Inu. As a result, even Tesla's high market cap of $690.42 billion is among the Shiba Inu's targets.

What Happens If Shiba Inu Price Reaches Tesla's Market Value?

For context, Shiba Inu currently has a market cap of $7.8 billion and reached its highest market cap of $41 billion in October 2021.

If the Shiba Inu reaches the market cap of Tesla considering the current amount of assets, its price will erase two zeros. Notably, the Shiba Inu will trade at around $0.00117 with Tesla's market cap.

For this, Shiba Inu will need to grow at least 87 times its current value. This could provide today's SHIB investors with an outstanding return of 8,746%.

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