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Shiba Inu could establish a new historic price level in a scenario where SHIB mirrors the trajectory of Ethereum if ETH ever attains $85,000.
The crypto market got a significant boost within the past day, with Ethereum standing out as one of the best performers while Shiba Inu gradually followed the trend. Specifically, ETH touched $3,714 earlier today, up by approximately 21% from the intraday low of $3,073.
At the same time, Shiba Inu advanced by approximately 10%, reclaiming a multi-week high of $0.00002613. These commendable gains in ETH and SHIB emerged as Bitcoin regained the $71K threshold lost two months ago.
The outcome suggests the start of the second phase of this cycle’s bull run, where meme coins like Shiba Inu and other altcoins are projected to outperform Bitcoin.
While the question of how high the value of leading altcoins like Shiba Inu and ETH could surge stands, The Crypto Basic explored the potential market value of SHIB in a scenario where the altcoin market leader Ethereum breaks price levels of $10K and $85K.
Shiba Inu Price when Ethereum Hits $10,000
At press time, ETH has corrected some of its recent gains, with its market value now hovering around $3,673. Accordingly, for ETH to attain $10,000 from this level, it must advance by 172.26%.
Notably, Ethereum peaked at $4,891 during the bull frenzy of 2021. Essentially, the $10K price level would mark a new history for the altcoin leader, putting its valuation at over $1.2 trillion. Prominent market analysts have argued the possibility of this $10K mark coming to fruition in this bull cycle. Bitcoin advocate Jason Williams recently proposed this view in a post on X.
Meanwhile, similar bullish projections have been extended to Shiba Inu as well. At the last check, Shiba Inu was trading at $0.00002554. If SHIB increases by 172%, mirroring ETH’s trajectory, it will have a market value of $0.00006947. Notably, this price point would still fall short of Shiba Inu’s all-time high of $0.00008845. Nonetheless, the $0.00006947 price mark would elevate SHIB’s market share to $40.94 billion.
While analyst Williams believes ETH could clock $10K this season, he disagrees that SHIB would only hit $0.00006947 in such a scenario. His projection for Shiba Inu in this market cycle is $0.05.
SHIB Price when ETH Hits $85,000
Meanwhile, Ethereum trading at $85K someday implies that the asset has expanded by 22X or 2,214% from its current market value. Bitcoin on-chain analyst Yazan recently proposed that ETH could attain this 22-fold growth by 2025.
Meanwhile, a similar 22X growth would propel Shiba Inu’s value to a new all-time high at $0.000591. At this price level, Shiba Inu would have a market cap of approximately $348 billion. Notably, this hypothetical valuation stands significantly below Ethereum’s and Bitcoin’s current market caps.
Remarkably, analyst Yazan proposed that where Ethereum clocks a value of $85K, Shiba Inu would have a price of $0.05. Recall that analyst Williams also believes Shiba Inu’s target this cycle is $0.05, albeit with ETH at $10K.
My targets for this cycle:$BTC $777,000 $ETH $85,000 $SOL $6,200 $DOGE $40 $XRP $0.50$ADA $0.50$SHIB $0.05$AVAX $1,000$LINK $480$LTC $800$PEPE $0.10$HBAR $0.10$ICP $3$WIF $3
— Yazan (@YazanXBT) May 15, 2024
The collective view of Yazan and Williams stems from historical observations that meme coins often engineer more commendable performance than larger-cap cryptos like Bitcoin and Ethereum.
Yet, it is worth noting that the projections of ETH achieving $85K or SHIB reaching $0.05 this cycle jointly oppose widely held views of other industry commentators. Prediction platforms like Telegaon and Changelly argued that $0.05 may be attainable for SHIB in decades to come rather than next year. As a result, these projections should not be regarded as investment advice.