How Shiba Inu Could Skyrocket with Bitcoin at $777k and Ethereum at $100k
This article examines the potential price trajectory of Shiba Inu (SHIB) in scenarios where Bitcoin (BTC) reaches $325,000 or $777,000 and Ethereum (ETH) climbs to $22,000 or $100,000.
As the pioneering cryptocurrency, Bitcoin largely dictates the broader crypto market trends. Historically, significant price surges in Bitcoin typically trigger similar movements across other crypto assets, including Shiba Inu. Ethereum, though less dominant than Bitcoin, also plays a crucial role in influencing the market, particularly affecting assets within its ecosystem.
Shiba Inu’s Correlation with Bitcoin and Ethereum
Given the significant influence of Bitcoin and Ethereum on the broader market, we analyzed data from IntoTheBlock (ITB) to understand how these major assets might affect Shiba Inu’s price. Over the past 30 days, Shiba Inu has exhibited an 82% correlation with Bitcoin and a 63% correlation with Ethereum. This suggests that SHIB’s price is likely to follow the movements of these two key assets, for better or worse.
Shiba Inu’s Price if Bitcoin Hits $325,000
Despite current market conditions, many analysts remain bullish, setting ambitious targets for Bitcoin and Ethereum. For instance, Matthew Sigel, a portfolio manager at VanEck, projected earlier this year that Bitcoin could reach $325,000. Achieving this target would require a 450% increase from Bitcoin’s current price of $59,076. If Shiba Inu were to experience a similar percentage increase, its price could rise from $0.00001399 to $0.00007694.
Shiba Inu’s Price if Bitcoin Reaches $777,000
Crypto analyst Yazan has set an even higher target for Bitcoin, predicting it could reach $777,000 in this market cycle. To hit this target, Bitcoin would need to surge by 1,215% from its current level. Applying the same increase to Shiba Inu would propel its price to a new all-time high of $0.00018396.
Shiba Inu’s Price if Ethereum Hits $22,000
Ethereum has also received optimistic projections. In June, VanEck estimated that Ethereum could reach $22,000 by 2030, a 774% increase from its current price of $2,516. Should Shiba Inu mirror this growth, its price could rise to $0.00012222.
Shiba Inu’s Price if Ethereum Reaches $100,000
Other experts have set even loftier targets for Ethereum. Analysts from the cryptocurrency trading platform Changelly believe Ethereum could soar to $100,000 by 2033, requiring a 3,874% increase from its current price. Given Shiba Inu’s correlation with Ethereum, a similar percentage increase could push SHIB’s price to $0.00055596 by 2033.
Read more Shiba Inu's Potential Surge: Market Analyst Predicts New All-Time High
These scenarios highlight the potential for significant gains in Shiba Inu’s price, driven by major movements in Bitcoin and Ethereum. However, as with any investment, these projections carry risk and are contingent on market conditions and correlations holding true.
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