Shiba Inu’s Potential Price Surge Amidst Dogecoin’s Market Cap Doubling
As the cryptocurrency market continues to evolve, Shiba Inu enthusiasts are closely watching the potential impact of Dogecoin’s market cap doubling. This analysis explores the possible price surge for Shiba Inu if Dogecoin achieves this milestone, highlighting anticipated gains and future trends.
Shiba Inu has been the subject of numerous speculative price targets. While some of these targets are highly ambitious, others are more attainable. According to an assessment by The Crypto Basic, Shiba Inu could hit such a target if the market meets certain conditions.
Shiba Inu’s Price Correlation with Dogecoin
It is noteworthy that this assessment considers Shiba Inu’s price correlation with Dogecoin (DOGE), the first meme coin. Shiba Inu’s mission has been to dethrone Dogecoin as the top meme coin by market cap. However, due to their similar fundamental principles, both assets have continued to move in tandem.
Interestingly, a rise in Dogecoin’s price typically leads to a similar increase in SHIB’s price, and vice versa. Data from IntoTheBlock supports this trend, showing that Shiba Inu has a 97% price correlation with Dogecoin over the past 60 days. This is the highest correlation with any asset on the list.
This close relationship between the two assets can be particularly positive for SHIB when Dogecoin enters an upward trend. For instance, if DOGE sees a rise that doubles its market cap from the current $16.348 billion to $32.696 billion, SHIB could register a proportional 100% price increase, maintaining the 97% price correlation.
Shiba Inu’s Price if DOGE’s Market Cap Doubles
Such an event would drive Shiba Inu’s price from $0.00001721 to $0.00003442, representing a 2x increase. Shiba Inu can easily reach this price, given that it surged 370% to $0.000045 earlier this year. However, Shiba Inu relinquished this area amidst the pullback from the annual peak.
Analysts have already predicted Shiba Inu’s return to the $0.00003 area during an imminent rebound. TradingView analyst Santana has suggested that Shiba Inu may be on the brink of its last dip before rebounding to $0.00003.
Meanwhile, prominent crypto market analyst Dami Devi predicted that Shiba Inu would reach $0.000034. Additionally, another analyst, Degarch, suggested three months ago that Shiba Inu could break through the $0.000035 level. However, this would happen on the back of Shiba Inu outperforming Bitcoin (BTC). It is important to note that while Shiba Inu could easily reclaim the $0.00003 area, there are no guarantees that this will happen anytime soon.
