Here is Shiba Inu Price if Bitcoin Hits $325K and ETH $22K as Predicted by VanEck

Shiba Inu price could exceed $0.0001 if SHIB trails the prices of Bitcoin and Ethereum should they hit $325K and $22K as predicted by VanEck.

Despite the market uncertainty, analysts at leading asset manager VanEck have made bullish price projections. These predictions are rooted on extensive research based on prevailing market conditions. Interestingly, should they materialize, they could have far-reaching effects on assets such as Shiba Inu.

VanEck’s Bitcoin and Ethereum Price Predictions

Abdullah Nassif, host of the Good Morning Crypto podcast, recently spotlighted remarks from Matthew Sigel, Head of Digital Asset and Portfolio Manager at VanEck, on these predictions. Sigel made his comments while speaking with crypto community figure Anthony Pompliano. 

🚨 BREAKING: 🇺🇸 VanEck Portfolio Manager & Head of Digital Asset Research States Bull Market Price Predictions For…

• $BTC – $325,000
• $ETH – $22,000
• $SOL – $300

Do You Agree With These Bull Market Price Predictions For Crypto? 🤔💭

Comment Below & Follow For… pic.twitter.com/7poMfWl5Ob

— Good Morning Crypto (@AbsGMCrypto) June 13, 2024

Responding to a question from Pompliano, the VanEck Portfolio Manager confirmed that their research presents $325,000 as the bullish case for BTC. Also, he referenced a recent projection from VanEck, which sets a $22,000 price target for Ethereum.

These predictions project varying rates of growth for the two leading crypto assets. With Bitcoin currently trading for $61,738, a target of $325,000 would demand a 426.4% increase. In addition, Ethereum changes hands at $3,460 as of press time. The altcoin must spike by a massive 535.6% to reach the targeted value.

Shiba Inu Price Correlation with BTC and ETH

Due to the price correlation that exists in the crypto market, if any of both of these assets hit these levels, Shiba Inu’s price could react positively. IntoTheBlock data indicates that SHIB witnesses a 30-day price correlation of 85% with Bitcoin.

Interestingly, the data shows that Shiba Inu’s price correlation with Ethereum is much higher within this timeframe, sitting at 94%. This 94% correlation confirms that SHIB has followed Ethereum’s footsteps more. However, the price correlation of 85% with BTC is also on the high side.

As a result, if Ethereum and Bitcoin clinch their bull case targets from VanEck, Shiba Inu price could see a similar surge. The Crypto Basic assessed how much SHIB could rise if it grew at the average rate of these projected surges. Notably, the average percentage rise for VanEck’s projections stands at 481%.

Shiba Inu Price Could Breach $0.0001

Meanwhile, Shiba Inu’s price has changed hands at $0.00001747 amid a 1.63% rise over the past 24 hours. If SHIB increases by an average of 481% from this level, its price will breach the much-coveted $0.0001 level to hit a high of $0.0001015.

So SHIB can reach $0.0001015 if Bitcoin rises to $325,000 and ETH $22,000. This would mark a new all-time high for the Shiba Inu price and the elimination of one leading zero.

Interestingly, multiple analysts have set the $0.0001 level as a potential target for Shiba Inu across several analyses. Mags, a Bitcoin analyst, projected earlier this month that SHIB could hit $0.00014 in the foreseeable future. Another analyst, Michael, also saw a target of $0.0001011 after Shiba Inu broke out of a prevailing bull flag.

Further, market watcher Javon Marks asserted in a separate analysis that SHIB has the potential to spike to a range of $0.000081 to $0.00015. Also, TradingView analyst Sam TCR expects an imminent recovery to $0.0001. However, it is important to note that these many predictions do not guarantee Shiba Inu can actually hit $0.0001.