Shiba Inu's Ascent To $1 Would Mean Exceeding Apple's Market Cap By A Staggering 213 Times

Shiba Inu SHIB/USD token has a current supply of 589.3 trillion tokens and a price of $0.000007 each, the ecosystem boasts a market capitalization of $4.6 billion.

What Happened: However, if the price were to reach $1 per token, the ecosystem’s market capitalization would skyrocket to a staggering $589.3 trillion. 

To put this into perspective, it would match the combined market value of 213 behemoth companies like Apple Inc. AAPL, which is currently valued at $2.76 trillion.

Supply Problem and Proposed Solution: Recognizing the supply challenge, the Shiba Inu community has taken proactive measures to address the issue. One key initiative is the token “burning” process, whereby tokens are permanently removed from circulation. Investors are encouraged to contribute to this effort by sending their tokens to a designated “dead wallet,” effectively eliminating them forever.

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Data from the Shibarium scanner reveals a significant increase in activity in September, with 168,150 recorded in daily transactions. This surge marks a notable contrast to the platform's previous peak transaction volume, which remained around 130,000.

Why It Matters: However, the locked value on Shibarium currently stands at a mere $742,000. In comparison, the total locked value across various blockchains in the crypto ecosystem amounts to approximately $37.51 billion, data by DeFillama shows.

Price Action: At the time of writing, SHIB was trading at $0.0000072, up 0.02% in the last 24 hours, according to Benzinga Pro.

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