Gfinity Esports is supported by its audience. Read More: Shiba Inu Coin (SHIB) Has A Fake News Problem However, this $38bn market cap is only so high because of the additional 155 trillion added in the updated listing - not the price. There is a view that with 394 trillion SHIB, the price of SHIB would rise to $0.0001, because of the $38bn market cap. It all comes back to the price, and misunderstanding the basics. Regardless of whether the SHIB supply is 549 trillion SHIB, or 590 trillion SHIB, it seems that CoinMarketCap’s initial estimate of 394 trillion SHIB was off. This is a more debatable aspect of SHIB’s supply, as the Relief Fund could still transfer this 40 trillion SHIB it holds - although it previously said it had finished transferring its SHIB. CoinMarketCap Has Made An ErrorĪ quick look on social media will reveal a plethora of SHIB hodlers asking CoinMarketCap to revert back to its previous supply listing, as it was an error.Īfter this, it appears both CoinGecko and CoinMarketCap denote the SHIB found in the India Covid Relief Fund wallet to be not in circulation. Such discrepancies will hopefully be resolved. The reason why only CoinGecko first reported SHIB overtook Dogecoin was because it had a higher circulating supply, which was reflected in the market cap.
However, CoinMarketCap’s increased the market cap by around $10bn, with SHIB’s price remaining the same. If the market cap remained at the $27bn amount prior to the update, then yes, SHIB’s price would have dropped to reflect this. If anything, it increased SHIB’s standing. The circulating supply change didn’t alter SHIB’s price. Various claims surfaced online stating the circulating supply was increased to make SHIB worth less.
Given the cryptocurrency community’s animosity towards memecoins like Shiba Inu, a conspiracy among hodlers began spreading about the price-tracker changes.
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