This article outlines how Shiba Inu can surge above $0.0009 if Ethereum hits the $166,000 price projected by Ark Invest CEO Cathie Wood.
The top two biggest cryptocurrencies by market cap, Bitcoin (BTC) and Ethereum (ETH), have continued to impact the performance of other crypto assets, including Shiba Inu (SHIB).
Shiba Inu Has More Correlation With ETH Than BTC
For instance, Shiba Inu’s price has plunged 2.3% over the past 24 hours to $0.00001294. Similarly, Bitcoin and Ethereum have also recorded declines of 2.93% and 2.54% in the same timeframe, respectively.
Data from blockchain analytics platform IntoTheBlock (ITB) shows that Shiba Inu correlates more with Ethereum than Bitcoin. According to ITB, Shiba Inu boasts a correlation of 93% with Ethereum’s price over the past 60 days. However, the dog-themed token’s correlation with Bitcoin stands at 71% in the same period.
This suggests that Ethereum’s performance has impacted Shiba Inu’s price more in the past 60 days. Should Shiba Inu maintain this correlation, its price will surge anytime Ethereum stages an increase, and vice versa.
Here’s Shiba Inu’s Price if ETH Hits $166,000
Following the recent decline in the crypto market, we analyzed some top ETH predictions and how they could impact Shiba Inu’s price. Specifically, we focused on the prediction from ARK Invest’s CEO Cathie Wood, who projected that the ETH price could hit $166,000 by 2032.
According to Cathie, ETH will hit a market cap of $20 trillion by 2032, approximately eight years from now. For ETH to hit this target, the second-biggest cryptocurrency by market cap must surge 7,167% from its current price of $2,284.
Therefore, if Shiba Inu experiences a similar growth rate of 7,167%, its price would increase to $0.00094035, assuming SHIB’s circulating supply remains fairly stable at 583.45 trillion. In this hypothetical scenario, Shiba Inu’s market cap will surge from $7.62 trillion to a whopping $554.29 trillion.
It is noteworthy that this analysis is for informational purposes. Hence, it should not be taken as financial advice as there is no guarantee that SHIB would hit this target 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.
