Prominent early Bitcoin adopter Davinci Jeremie has weighed in on the prospect of Shiba Inu ever reaching the $1 price level.

In its five years of existence, Shiba Inu has seen its price eliminate as many as five leading zeros, reaching its current state with four zeros at a price of $0.00001200. While optimism remains high about its potential to cancel more zeros and inch closer to the unit value, major skepticism surrounds the asset’s potential limits.

Now, Jeremie, a well-known Bitcoin advocate and Shiba Inu bull, has joined the conversation. In a tweet, he completely dismissed the notion of Shiba Inu ever reaching $1. His primary point of disagreement is the potential market cap Shiba Inu could wield at such a price point.

Impracticality of $1 for Shiba Inu

Jeremie emphasized that Shiba Inu’s market cap would be approximately $600 trillion at $1. He stressed that such a valuation is impractical for a meme-inspired coin like SHIB. He noted that a $600 trillion market cap for an asset would make it the greatest financial asset in human history.

For context, gold, the most valuable asset today, has a market cap of $20 trillion. Meanwhile, the market cap of 10,463 companies globally has a collective value of only $104 trillion. Also, the entire crypto market’s cap is $2.6 trillion. 

Shiba Inu’s current market cap is $6.44 billion, less than 1% of the crypto market, which casts serious doubt on its potential to reach a trillion-dollar valuation, much less the $600 trillion threshold.

Notably, Telegaon analysts have suggested that Shiba Inu could reach $1 by 2050. However, doubts remain whether this timeline would be sufficient to reach that value, especially if its supply remains unchanged.

Mathematically, Shiba Inu needs to grow 8,333,233% to reach $1. Notably, reports indicate that Shiba Inu experienced an extraordinary 150,000,000% surge between August 2020 and October 2021. This was possible due to its humble beginnings with an initial market cap of just a few hundred dollars, unlike today, where it is now a billion-dollar asset.

SHIB Could Still Do Well This Season, But Not “Crazy Well”

Despite the skepticism surrounding Shiba Inu’s ability to see another astronomical price growth, Jeremie acknowledged that SHIB could still do well in this cycle. However, according to him, the coin will not do “crazy well” as it did in the last cycle.

Notably, Shiba Inu has been a major victim of the ongoing market sell-off. Just four months into the new year, its price has tanked by 43%. This movement has completely erased all its one-year gains, which now stand at a discouraging 57% loss for holders.