Shiba Inu could witness a substantial price increase if it continues to mirror Ethereum’s performance, particularly in the event that ETH’s 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 Inu’s performance in the short term.
Impact of 200% Increment on Ethereum
We considered how Ethereum could impact Shiba Inu’s 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 Ethereum’s market cap will take it to $1.16 trillion, cementing ETH’s position as the second-biggest cryptocurrency globally.
Shiba Inu’s Price If Ethereum Market Cap Soars 200%
According to IntoTheBlock’s correlation data, Shiba Inu’s performance mirrors Ethereum’s to a large extent, so its market cap could grow proportionally by up to 200%.
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 SHIB’s 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 SHIB’s potential surge to the $0.00006 territory.
While Ethereum’s price actions could significantly impact Shiba Inu’s performance, certain factors like market sentiment, burns, and utility will determine the extent of SHIB’s price increase.
