As the crypto market continues to evolve, Shiba Inu enthusiasts keenly observe the potential impact of Dogecoin’s market cap doubling. This analysis explores the possible price surge for Shiba Inu if Dogecoin achieves this milestone, highlighting the anticipated gains and future trends.
Shiba Inu has been a subject of multiple speculative price targets. While some of these targets remain highly ambitious, others are within reach. An assessment carried out by The Crypto Basic indicates that SHIB could reclaim one such target if the market meets certain conditions.
Shiba Inu Maintains Price Correlation with Dogecoin
Notably, this assessment considers Shiba Inu’s correlation with Dogecoin (DOGE), the first meme coin. SHIB’s mission has been to dethrone Dogecoin as the largest meme coin by market cap. However, due to their similar underlying principles, both assets have continued to move side by side.
Interestingly, a spike in Dogecoin’s price typically triggers a similar increase in SHIB’s price and vice versa. IntoTheBlock data confirms this trend, showing that Shiba Inu features a 97% price correlation with Dogecoin over the past 60 days. This is the highest correlation with any asset on the list.
This close relationship between both assets can especially be bullish for SHIB when Dogecoin records an uptrend. For instance, if DOGE sees a surge that could double its market cap from the current $16.348 billion to $32.696 billion, SHIB could potentially record a proportionate 100% increase in price if it maintains the 97% price correlation.
Shiba Inu Price if DOGE Market Cap Doubles
Notably, such an occurrence would push Shiba Inu’s price from $0.00001721 to $0.00003442, marking a 2x rise. SHIB can easily attain this price, considering it spiked 370% to $0.000045 earlier in the year. However, Shiba Inu gave up this territory amid the retracement witnessed from the yearly peak.
Analysts have already predicted Shiba Inu to return to the $0.00003 territory during an imminent rebound. Notable crypto market analyst Dami DeFi projected SHIB to reach $0.000034 amid a falling wedge pattern. Earlier this month, TradingView analyst Santana asserted that Shiba Inu might be on the verge of recording its last drop before a rebound to $0.00003.
Meanwhile, three months ago, Digarch, another analyst, suggested that SHIB could breach $0.000035. He noted that this would be on the back of Shiba Inu outperforming Bitcoin (BTC). Notably, while SHIB could easily reclaim the $0.00003 zone, there are no guarantees that this would happen anytime soon.
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.
