What If Elon Supports Shiba Inu? The Price of SHIB Could Look Like This

Shiba Inu and Elon Musk have long been mentioned in the same conversation, often due to Musk's influence on meme-based digital assets. Although the CEO of Tesla and SpaceX has endorsed Dogecoin and other tokens like Floki, he has not yet directly acknowledged SHIB. A new tweet from TheCryptoBasic speculates how high the price of SHIB stock could rise if it aligns with Musk's estimated net worth, currently at $409 billion. The tweet shared on X includes price predictions that have attracted the attention of the cryptocurrency community at large. While Musk has previously driven assets like Dogecoin to record highs through his public endorsements, his silence on SHIB continues to be a topic among supporters. Nevertheless, there is still speculation on how the valuation tied to Musk's wealth could reshape SHIB's price. Price Forecast Based on Elon Musk's Net Worth According to TheCryptoBasic, if SHIB has a market capitalization equivalent to Elon Musk's $409 billion, then each token could be worth about $0.0006941. This price forecast uses the current circulating supply of SHIB, which is 589.25 trillion tokens, as a basis. With SHIB trading at $0.00001161 at the time of writing, this increase would represent a growth of approximately 5,879%. The current market capitalization of SHIB is around 6.84 billion dollars. This figure is much lower than Musk's estimated assets, ranking this token as the 19th largest cryptocurrency by market capitalization. The valuation is also much lower compared to top assets like Bitcoin and Ethereum. If SHIB's market capitalization increases along with Musk's assets, it has the potential to become the second largest cryptocurrency, provided the valuations of other tokens do not change. Performance of $SHIB and Historical Context Shiba Inu has consistently been classified as a meme coin. It was launched in August 2020 and has since developed a loyal community. Despite having a large circulating supply, the project still ranks in the top 20 cryptocurrencies by market capitalization. Previous efforts to attract Musk included public tweets from the Shiba Inu development team. The main developer Shytoshi Kusama has tagged Musk in several posts and attempted to link the project to Musk's interests. One effort even included captioning the storm-themed dog image with the word "SHIB". However, none of these campaigns received public feedback from Musk. Analyst's Prediction About Future Price Some forecasts suggest that SHIB could reach a price close to the market cap level theorized by Musk. Forecasting platforms like Changelly and Telegaon estimate that SHIB could reach a price range of $0.0006 to $0.00069 within the next five to ten years. Changelly predicts that SHIB could reach a price of $0.00069 in September 2034. Telegaon offers a slightly earlier outlook, expecting this token to reach the milestone of $0.0006 by 2030. The voice of the community, like Davie Satoshi, believes that SHIB could rise to around $0.0006753 in the near future. While this is a hopeful prediction, there is no guarantee that it will actually happen. Community Participation and Speculative Growth Although not receiving direct support from Musk, SHIB continues to witness strong community activity. Long-time supporters have believed that any level of participation from this billionaire could lead to a strong price increase. An example is Dogecoin, which surged after Musk confirmed in 2021 and is often cited in such discussions. Currently, the valuation of SHIB remains highly speculative. The forecast based on Musk's net worth is merely a theoretical scenario rather than a certain path. However, the discussion surrounding this price highlights the increasing attention that SHIB continues to receive in the cryptocurrency space.