Shiba Inu may establish a new historical high with a proportional value rise if Ethereum attains $20,000.
In recent days, Shiba Inu has faced challenges in gaining momentum. It reached a low of $0.00002343 in the past 24 hours, erasing all gains picked up in the previous week. Currently, SHIB is trading with an 8% decline in its overall performance over the past seven days.
Regardless of Shiba Inu’s current underperformance, enthusiasts are ever confident in SHIB’s prospects in this bull market. Moreover, Shiba Inu proved its bullish capability two months ago when it rose by 373% in under ten days.
This analysis weighs in on Shiba Inu’s potential market value in a scenario where the altcoin market leader, Ethereum (ETH), attains unprecedented prices like the $20,000 threshold.
Shiba Price with Ethereum at $20K
At press time, Ethereum sells for $3,795, reflecting 30-day gains exceeding 21%. For ETH to attain the $20K threshold, the altcoin leader must increase by 427%. Notably, this price point puts Ethereum’s market above $2.4 trillion.
If Shiba Inu mirrors Ethereum’s growth and achieves a 427% increase from its current price of $0.00002433, its value could reach $0.0001282. This price level would be a record high for Shiba Inu, surpassing its all-time high of $0.00008845.
Remarkably, OpenAI’s ChatGPT attested to this potential value for Shiba Inu’s supposed Ethereum reaching $20K.
Meanwhile, at the hypothetical price of $0.0001282, Shiba Inu’s market cap would be $75.56 billion, still six times smaller than Ethereum’s current market cap of $457 billion.
According to IntoTheBlock stats, Shiba Inu has a 69% correlation with the price of ETH. This shows that there is a 69% chance that SHIB will follow ETH if it rises to $20,000.
Can Ethereum and Shiba Inu Soar by 427%?
Ethereum established an ATH at $4,891 three years ago and is currently trading at 22.34% below that peak. Ethereum nearly revisited this high in March when it crossed the $4,000 mark but subsequently retreated from that price point.
While a 427% increase would drive ETH to the $20,000 mark, market analysts generally anticipate a more modest peak for the crypto in the current bull market.
For instance, Geoff Kendrick, who leads Digital Assets Research at Standard Chartered, suggests that Ethereum could reach $8,000 this year and potentially $14,000 by 2025. These more modest outlooks are despite Kendrick’s consideration of the likely influence of ETFs investing in ETH.
Meanwhile, the prospect of Shiba Inu reaching a price of $0.0001282 is a sentiment echoed by various analysts.
Historically, lower-tier altcoins, especially meme tokens such as SHIB, have a tendency to outpace the performance of established market leaders. Therefore, in a hypothetical situation where Ethereum experiences a 427% increase to hit the $20,000 mark, it is conceivable that Shiba Inu could see an even more significant price jump.
Essentially, while a 427% surge might seem ambitious for Ethereum, it is considered a more achievable target for Shiba Inu. This is further confirmed by the impressive 373% rally SHIB engineered between February 27 and March 5.
DisClamier: This content is informational 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
