Here is How High Shiba Inu Price May Go If Ethereum Market Cap Soars by 200%
Shiba Inu could witness a substantial price increase if it continues to mirror Ethereums performance, particularly in the event that ETHs market cap soars by 200%. It is common knowledge that the price actions of major cryptocurrencies such as Ethereum often influence the trajectory of smaller tokens, like Shiba Inu (SHIB). Shiba Inu Correlation with Ethereum Data from IntoTheBlock shows that Shiba Inu has a close correlation with Ethereum, standing at 93% over the past 30 days. This suggests that Ethereum is more likely to influence Shiba Inus performance in the short term. This could be seen as an advantage or disadvantage for Shiba Inu, depending on Ethereums performance. An upsurge in Ethereums price could translate to a gain for SHIB. However, the price of the doggy-themed token could plunge during an Ethereum dip. Impact of 200% Increment on Ethereum We considered how Ethereum could impact Shiba Inus price if its market cap soars by 200%. The ripple effect of this increment is expected to be significant for Shiba Inu. For context, Ethereum is currently trading at $3,298 per token. Ethereum remains the second-biggest cryptocurrency, with its market cap standing at $389.77 billion at press time. A 200% increase in Ethereums market cap will take it to $1.16 trillion, cementing ETHs position as the second-biggest cryptocurrency globally. The impact of this increment will also be observed in Ethereums price, which will rise to $9,702 per token. This surge could start a bull run in the broader crypto market, elevating the prices of various assets like Shiba Inu. Shiba Inus Price If Ethereum Market Cap Soars 200% According to IntoTheBlocks correlation data, Shiba Inu's performance mirrors Ethereum's to a large extent, so its market cap could grow proportionally by up to 200%. At press time, Shiba Inu has a market cap of $12.75 billion, making it the 15th-biggest token on CoinMarketCaps global crypto ranking. It is currently trading at $0.0000207 per token. If Shiba Inu's market cap grows 200% proportionally to Ethereum's, its valuation could increase to $38.25 billion. This could push SHIBs price to $0.00006492, close to its previous ATH of $0.0008845. SHIB Potential Surge to $0.00006 Several crypto stakeholders, including the team behind the Shiba Inu ecosystem, have been forecasting SHIBs potential surge to the $0.00006 territory. In November, Lucie, the marketing lead of the Shiba Inu ecosystem, emphasized that SHIB is doing fine, projecting that the asset could rally to $0.00006861. Additionally, pseudonymous market observer TSLA Tracker expressed admiration for SHIBs price setup in December, noting that the token is gearing up for a surge to $0.00006937. Earlier this month, a popular analyst who uses the pseudonym Strong on X set a target of $0.000066651 for Shiba Inu, referencing the formation of a cup-and-handle pattern on the assets weekly chart. While Ethereums price actions could significantly impact Shiba Inus performance, certain factors like market sentiment, burns, and utility will determine the extent of SHIBs price increase.
Text source: The Crypto Basic
