Dogecoin price could surge to unprecedented highs if it maintains its correlation with Shiba Inu as SHIB hits the $0.001 target.
Dogecoin, the original meme coin, has continued to face bearish pressure amid the market-wide turbulence. In the same vein, Shiba Inu, the second-largest meme coin by market cap, is also observing similar bearishness, as the broader market trends downward.
Amid the downtrend, Dogecoin has dropped by a massive 46.64% year-to-date, currently changing hands at the $0.16 mark. Meanwhile, SHIB has dropped by a less substantial 40.08% within the same timeframe.
Despite the bearish pressure plaguing both assets, most investors remain optimistic, evidenced in recent accumulation patterns. For one, The Crypto Basic recently confirmed that large Shiba Inu holders had resumed inflows in what appeared to be a buy-the-dip trend.
Dogecoin and Shiba Inu Price Correlation
In addition, analysts have also presented several ambitious targets for when a recovery ensues, with the Shiba Inu to $0.001 goal maintaining prominence. Last September, analyst Krao suggested SHIB could reach $0.001. However, some commentators believe the $0.001 target might not materialize soon.
Regardless of how long it takes, the consensus is that Shiba Inu has the potential to clinch it. Interestingly, should this occur, Dogecoin might be a beneficiary of the broader trend due to the price correlation it boasts with Shiba Inu.
Data from IntoTheBlock indicates that Shiba Inu maintains the largest price correlation with Dogecoin, which has steadied at a 95% rate over the past 60 days. If this pattern persists and SHIB soars to the $0.001 mark, Dogecoin could also see a comparative increase.
Dogecoin Price if Shiba Inu Hits $0.001
To put things into perspective, Shiba Inu must rally by 7,798% from its current price of $0.00001266 to the $0.001 target. With the 95% price correlation, Dogecoin could observe a similar price appreciation. Notably, a similar 7,798% increase would push Dogecoin price from $0.1682 to $13.2.
While analysts have not repeatedly championed the $13 target for Dogecoin, most have predicted equally lofty targets like $10. For instance, Ali Martinez projected in February that Dogecoin could soar to $10 as long as a particular support holds. Also, last December, Dima Potts suggested Dogecoin could hit $10 between February and May 2025.
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.
