At This Level, Shiba Inu’s Market Cap Could Outstrip Bitcoin and Apple Combined

Shiba Inu (SHIB/USD) has seen significant growth in the crypto market this year, but it has recently experienced a decline from its all-time high. However, there is speculation that Shiba Inu could become a major player in decentralized applications, especially in gaming and metaverse use cases. One potential catalyst for its future growth is Shibarium, a Layer-2 solution built on top of Shiba Inu’s main network. The goal of Shibarium is to enhance transaction efficiency and reduce fees. The developer behind Shiba Inu, Shytoshi Kusama, plans to launch Shibarium in August.

Shiba Inu has implemented a burning strategy to reduce its token supply, but with 589 trillion tokens currently in circulation, a significant reduction is needed to make a meaningful impact. The burning rate surged recently, resulting in the burning of 79 million SHIB tokens. While some suggest that Shiba Inu could reach $0.01 per token over time, the circulating supply remains considerable, leading to a potential network market cap of $5.9 trillion. This would surpass renowned companies like Apple Inc in terms of market value.

At the time of writing, SHIB was trading at $0.000007958, down 0.62% in the last 24 hours. While the burning strategy and Shibarium present opportunities for growth, the sheer number of tokens in circulation poses a significant hurdle.

In conclusion, Shiba Inu has experienced significant growth but has recently seen a decline. Its compatibility with the Ethereum ecosystem and the development of Shibarium could position it as a major player in decentralized applications. However, the large circulating supply of tokens and the challenges associated with reducing it are important factors to consider. Despite the potential for growth, the market cap implications of reaching $0.01 per token would be substantial, surpassing renowned companies like Apple Inc.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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