Shiba Inu (SHIB) could surge to a new ATH if its correlation with Ethereum and ETH continues to hit a target of $100,000.
Following the approval of nine Ethereum exchange-traded funds (ETFs), multiple predictions have been made, suggesting that ETH’s price could spike to unprecedented levels.
Specifically, some analysts projected the ETH could rally to $100,000 in the coming years. According to analysts from crypto trading company Changelly, ETH will hit the $100,000 target by June 2033, exactly nine years from now.
They speculated that ETH will trade at a maximum price of $101,231 by June 2033, with an average price of $86,007 set for the same period. To hit the $100,000 target, ETH must rally 3,025% from its current price of $3,239.
If Ethereum reaches a price target of $100,000, its market cap will hit $12.02 trillion, assuming the asset’s circulating supply of 120.22 million tokens remains stable.
SHIB’s Price if It Follows ETH Trajectory
Given Ethereum’s optimistic outlook, market watchers expect a similar positive impact on the broader crypto market, especially Shiba Inu (SHIB). It is worth noting that the performance of leading assets like Ethereum usually impacts the price action of the broader market, including SHIB.
Data from blockchain analytic platform IntoTheBlock shows that SHIB has a 78% correlation with ETH over the past 30 days. This indicates that should the price of ETH experience a significant surge, Shiba Inu would also witness a comparable rise in price.
Therefore, The Crypto Basic recently analyzed how much SHIB could be worth if ETH rallies to the projected $100,000 target set by Changelly experts. As mentioned earlier, ETH must surge 3,025% to hit the $100,000 target from its current price. If Shiba Inu witnesses a similar increase, it will spike from its current price of $0.00001692 to $0.00052875, marking a new all-time high for the dog-themed token. This would also put Shiba Inu’s market cap at $311.57 billion.
Top Experts Set Similar Target for Shiba Inu
Interestingly, a few market analysts had predicted that Shiba Inu would rise to around $0.0005 someday. For instance, popular AI chatbot Google Bard (now Gemini) predicted that SHIB would hit the $0.0005 threshold between 2025 and 2026. However, Changelly experts projected that Shiba Inu would not reach the target until 2033.
In the meantime, Shiba Inu is currently down 62.4% from its yearly high of $0.000045, registered on March 5, 2024. The top dog-themed token is also down 80.89% from its all-time high of $0.00008845.
Despite the plunge, market analysts still think Shiba Inu has the potential for significant growth, with Big Mike projecting a surge to the ambitious $0.0005 threshold.