CoinDesk Report:
If leading altcoins reach $50,000, Shiba Inu could surge to a historic high of $0.0002545, following Ethereum’s trajectory.
The cryptocurrency market is currently on a path to recovery, with most assets aiming to recover losses from this week. Shiba Inu stands out as one of the best performers in this recovery, having risen by 15.22% in the past 24 hours. SHIB has now reclaimed psychological thresholds between $0.000014 and $0.000015.
Shiba Inu currently ranks among the top 10 companies with the largest 24-hour gains in the top 100 cryptocurrencies. In context, Bitcoin (BTC) has only risen by 4% in the past 24 hours, while Ethereum (ETH) has seen a 4.06% increase.
With Bitcoin and Ethereum showing promising prospects, market observers anticipate similar effects on Shiba Inu. Notably, when leading assets like Bitcoin and Ethereum rise, Shiba Inu and other altcoins tend to follow suit due to their close price correlations.
Relevant matrices from IntoTheBlock confirm that Shiba Inu had an 87% correlation with Ethereum’s price last month and a 94% correlation with Bitcoin during the same period. This suggests that rapid price surges in ETH or BTC could trigger similar increases in Shiba Inu’s price.
Therefore, we recently assessed Shiba Inu’s value relative to Ethereum after it lagged behind in achieving one of its many goals. One such goal was predicted by asset management firm VanEck last May, forecasting Ethereum could reach $50,000 by 2030.
If Ethereum reaches $50,000, it could profoundly impact Shiba Inu. Currently, ETH is trading at $2989. Altcoins would need a 1572% increase to reach the $50,000 target. Should Shiba Inu experience a similar rise, its price would leap from the current $0.00001522 to $0.0002545, marking a new ATH.
At the $0.0002 level for SHIB, it’s noteworthy that despite Shiba Inu’s recent encouraging recovery, it remains down 66% from its annual peak of $0.000045. Furthermore, it has dropped nearly 83% from its historical high of $0.00008845 reached in 2021.
Market participants and analysts believe SHIB still has significant growth potential. While some anticipate a recovery to $0.000045, others expect a rebound to $0.000165, surpassing its current ATH. Several market commentators also predict a surge to $0.00045.
Forecasts for the $0.0002 level have also surfaced. Last month, cryptocurrency trader Valerya projected an increase to $0.000022, while Bitcoin advocate Moataz Elsayad believes SHIB could reach $0.00024. These predictions vary, with some viewing broader market uptrends as potential catalysts. However, their realization remains to be seen.
