- Shiba Inu opened the July trading at $0.00001723.
- A recent investment in SHIB could gain 40x by reaching Ethereum’s current level.
- Ethereum’s market cap was $418 billion as of July 1.
TradingView data shows that Shiba Inu opened July trading at $0.00001723, and analysts comparing the meme coin to Ethereum have estimated the potential gain of a $1,000 investment in SHIB if Shiba Inu matches Ethereum’s current market cap.
Persistent bearish pressure has driven SHIB’s price lower in recent weeks. The meme coin bounced off a $0.00001660 local low on June 30 to open its July trading at $0.00001723. SHIB’s July opening price, which coincides with the June closing price, reflects a 34% drop in the meme coin’s value for June, having dropped from a $0.00002627 monthly high.
While trading at $0.00001733, Shiba Inu’s market cap hovered around $10.2 billion, with the meme coin’s proponents anticipating a significant rebound. Analysts projected the potential gains of an investor buying SHIB at the current price if Shiba Inu’s market cap reaches Ethereum’s current level.
Ethereum’s market cap was $418 billion at the time of writing, according to CoinMarketCap. This implies that for Shiba Inu to reach Ethereum’s current value, the meme coin project’s market cap would have to rise by nearly 4,000%. An investment of $1,000 in Shiba Inu today would yield approximately 40x the initial investment if the meme coin project reaches Ethereum’s current level.
To put this in perspective, investing $1,000 in Shiba Inu at the current price would result in approximately 56.6 million SHIB tokens. SHIB’s price would have to reach around $0.000713 to achieve a $418 billion market cap, reflecting a total value slightly above $40,000. However, analysts believe it could take up to six years for Shiba Inu to reach the estimated level if it maintains a consistent gain of 100% annually.
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