Pundit Makes a Case for Shiba Inu Rise to $0.01 Citing $405 Trillion Market Cap Asset on Coinbase

A renowned figure in the Shiba Inu community has argued the reality of SHIB’s ascent to $0.01 by citing a similar project with a fictitious $405 trillion market cap on Coinbase.

The Case for Shiba Inu Reaching $0.01

Lola, a prominent figure within the Shiba Inu community, recently took to X to discuss the concerns circulating among Shiba Inu enthusiasts regarding the possibility of SHIB reaching a value of $0.01. 

These concerns primarily arise from the excessive market supply of Shiba Inu, exceeding 589 trillion units.

Significantly, if the circulating supply were to remain static without additional SHIB burn, Shiba Inu trading at $0.01 would elevate the project to a market cap of $5,892,901,796,630 ($5.89 trillion).

Meanwhile, the total crypto market currently stands at approximately $1.63 trillion. Therefore, the notion of Shiba Inu alone commanding $5.89 trillion becomes highly improbable and unrealistic for enthusiasts of SHIB Inu. 

The Asset with $405 Trillion Cap

However, Lola appears to be among those Shiba Inu enthusiasts who do not share such skepticism. In a humorous tone, she referenced the market data for the FibSWAP DEX coin (FIBO), a meme-inspired project akin to Shiba Inu. 

In particular, Lola highlighted that FIBO boasts a fictional $405.9 trillion market cap, according to market data accessible through the U.S.-based trading platform Coinbase.

You are worried about #SHIB reaching .01 because of Marketcap and this coin is still showing 405 Trillion marketcap at coinbase 👇

I am dying 🤣🤣🤣 pic.twitter.com/aBOT6eCU7X

— Lola (@CryptoLollla) January 30, 2024

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Humorously, Lola believes a trillion-dollar valuation for Shiba Inu is not out of reach since a similar project wields such a position.

Notably, the $405.9 trillion market cap resulted from FIBO’s circulating supply of 69,151,716,404,404,600 (69 quadrillion), per data from market tracker CoinGecko. In other words, the asset’s market value of $0.006359 gave rise to the trillion-dollar figure. 

However, it is essential to note that this estimation is false. According to CoinGecko data, despite the excessive supply, only 100,000,000 units of FIBO are accessible. Emphatically, FIBO has a genuine market cap of around $9 million at press time.

Essentially, the Shiba Inu community figure used FIBO as a reference point to advocate for Shiba Inu’s potential to attain significantly higher valuations.

Besides, at the time of reporting, Coinbase had already erased the reference to the $405.9 trillion market cap as it was false. Also, FIBO is not a tradable asset on Coinbase. The exchange merely provided market data for it.

Shiba Inu to $0.01

While Shiba Inu battles with four leading zeros, notable entities such as the crypto exchange Changelly see the asset hitting $0.01 by 2050. Notably, this target would amount to a 112,411% increase from SHIB’s current market position.

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• Source: https://thecryptobasic.com/2024/02/01/pundit-makes-a-case-for-shiba-inu-rise-to-0-01-citing-405-trillion-market-cap-asset-on-coinbase/?utm_source=rss&utm_medium=rss&utm_campaign=pundit-makes-a-case-for-shiba-inu-rise-to-0-01-citing-405-trillion-market-cap-asset-on-coinbase