Altcoins
Here’s What Shiba Inu Could Be Worth If Ethereum Hits $50,000
Shiba Inu could hit a new all-time high of $0.0002545 if it follows Ethereum’s trajectory if the leading altcoin hits $50,000.
The cryptocurrency market is now on the path to recovery as most assets look to recoup losses incurred this week. Shiba Inu is among the top performers in the recovery campaign, currently up 15.22% in the last 24 hours. SHIB has now reclaimed the psychological thresholds at $0.000014 and $0.000015.
Shiba Inu is currently among the top 10 cryptocurrencies with the highest 24-hour gain. As a reminder, Bitcoin (BTC) is up just 4% in the last 24 hours, while Ethereum (ETH) is up 4.06%.
Shiba Inu Price If Ethereum Hits $50,000
With the outlook surrounding Bitcoin and Ethereum currently bullish, market watchers expect a similar effect on Shiba Inu. Notably, when major assets like BTC and ETH see gains, Shiba Inu and other altcoins follow suit. This is due to their close price correlation.
IntoTheBlock Correlation Matrix confirmed Shiba Inu price is 87% correlated with Ethereum over the past month. Additionally, SHIB has a 94% correlation with Bitcoin over this period. This indicates that a rapid increase in ETH or BTC prices could trigger a similar surge in Shiba Inu price.
Therefore, we recently assessed the value of Shiba Inu if it followed Ethereum after the completion of one of its many targets. One of these targets saw asset manager VanEck predict last May that Ethereum could reach $50,000 by 2030.
If Ethereum hits that $50,000 price point, it could have a huge impact on Shiba Inu. As a reminder, ETH is currently trading at $2,989. The altcoin would need to surge by 1,572% to reach the $50,000 target. If Shiba Inu experiences a similar surge, its price would jump from $0.00001522 to $0.0002545. This would lead to a new ATH.
SHIB at $0.0002 level
It is worth noting that despite its recent encouraging recovery performance, Shiba Inu is still down 66% from its yearly peak of $0.000045. Furthermore, SHIB has fallen nearly 83% from its all-time high of $0.00008845 reached in 2021.
Market players and analysts believe that SHIB still has room for growth. a project a claim of $0.000045, others expect a rally to $0.000165beyond the current record. Several market commentators have also predict a push towards an ambitious price of $0.00045.
Forecasts at the $0.0002 level have also been issued. Last month, cryptocurrency trader Valeriya projected a rise to $0.000022. Additionally, Bitcoin advocate Moataz Elsayad believes SHIB could reach $0.00024. These projections have different foundations, with some citing a broader market bullish trend as a possible catalyst. However, it remains to be seen whether any of them could materialize.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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