Shiba Inu has the potential to reach a new all-time high of $0.0002545 if it mimics the path of Ethereum, should the leading altcoin reach $50,000.
The crypto market is currently undergoing a recovery phase, with most assets aiming to recover losses incurred this week. Shiba Inu is one of the top performers in this recovery, showing a 15.22% increase over the past 24 hours. SHIB has now surpassed the psychological thresholds at $0.000014 and $0.000015.
Shiba Inu is currently ranked among the top 10 highest gainers in the list of 100 largest cryptocurrencies. For comparison, Bitcoin (BTC) has only seen a 4% increase in the last 24 hours, while Ethereum (ETH) has shown a 4.06% increase.
Shiba Inu’s Price if Ethereum Reaches $50,000
Given the positive outlook for Bitcoin and Ethereum, market analysts anticipate a similar impact on Shiba Inu. Notably, when leading assets like BTC and ETH experience surges, Shiba Inu and other altcoins tend to follow suit due to their close price correlation.
According to IntoTheBlock’s Correlation Matrix, Shiba Inu has an 87% price correlation with Ethereum over the last month, and a 94% correlation with Bitcoin within the same period. This suggests that a rapid price surge from ETH or BTC could trigger a similar rise in the price of Shiba Inu.
As a result, we recently evaluated how much Shiba Inu’s value would be if it follows Ethereum in hitting one of its many targets. One such target, predicted by asset manager VanEck in May, suggests that Ethereum could reach $50,000 by 2030.
If Ethereum achieves this $50,000 price, it could significantly impact Shiba Inu. Currently, ETH is trading at $2,989. For Shiba Inu to see a similar surge, its price would need to increase from the current $0.00001522 to $0.0002545, resulting in a new all-time high.
SHIB at the $0.0002 Level
Despite its recent recovery, Shiba Inu is still down 66% from its yearly peak of $0.000045 and has dropped nearly 83% from the all-time high of $0.00008845 reached in 2021.
Market participants and analysts believe that SHIB still has room for growth. Some anticipate a reclaiming of $0.000045, while others expect a rally to $0.000165, surpassing the current all-time high. Several market commentators also predict a surge to an ambitious $0.00045 price.
Predictions for the $0.0002 level have also been made. Last month, crypto trader Valeriya projected a rise to $0.000022, while Bitcoin advocate Moataz Elsayad believes SHIB can hit $0.00024. These projections are based on various factors, including a broader market uptrend, but it remains to be seen if any of them will materialize.
Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Potential Shiba Inu Value Based on Ethereum Reaching 50000