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Shiba Inu will crack unprecedented floor prices should it mirror the trajectory of Bitcoin towards the projected $250K and $777K thresholds.
The crypto market witnessed a brief struggle with bearish forces as Bitcoin re-entered the $70K range this week. In the last two days, Bitcoin experienced a 7.76% dip, retesting the $66K price level. In comparison, Shiba Inu saw a more significant drop, collapsing by 12%.
Meanwhile, Bitcoin has resumed the uptrend, reclaiming a high of $69,220 in the last 24 hours. Altcoins like Shiba Inu have followed suit, with SHIB rallying 6.25% from its earlier low of $0.00002352 to trade at $0.00002499.
As the second phase of the bullish race gradually builds momentum, anticipations continue to run high about Shiba Inu’s potential price point in a scenario where the primary market mover, Bitcoin, establishes all-time highs at ambitious price levels such as $250,000 or even $777,000.
Shiba Inu Price when Bitcoin Hits $250,000
At last check, Bitcoin trades for $68,678. The premier crypto must advance by 264% to potentially hit the $250,000 target. This price level will elevate Bitcoin’s market cap to approximately $5 trillion, exceeding the combined valuation of Apple and Amazon.
Prominent industry figures with the $250K target for Bitcoin include billionaire Tim Draper and Real Vision founder Raoul Pal.
Meanwhile, analyst Jason Williams, who recently argued for Bitcoin’s $250K outlook, suggested Shiba Inu’s price alongside it. Specifically, Williams proposed $0.05 for SHIB in a scenario where Bitcoin trades at a quarter of a million dollars.
My targets for this cycle:$BTC 250,000 $ETH $10,000 $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
— Jason A. Williams (@GoingParabolic) May 15, 2024
Ordinarily, factoring Bitcoin’s 264% surge to $250K only puts Shiba Inu’s value at $0.00008947, although this represents a new ATH for SHIB. Williams’ suggestion of $0.05 for Shiba Inu reflects the historical outperformance of altcoins over Bitcoin, particularly meme coins like Shiba Inu.
For instance, after the 2020 halving, Bitcoin’s cumulative uptrend amounted to a 721% gain. At the same time, Shiba Inu soared by 884,400%, eliminating three zeros within a year.
Shiba Inu Price when Bitcoin Hits $777,000
Notably, the Bitcoin target of $777,000 this season came from widely followed on-chain analyst Yazan. The suggestion anticipates a 10X gain or 1,031% surge for BTC by 2025. A similar percentage growth would push Shiba Inu to a new all-time high at $0.0002780.
Meanwhile, Yazan proposed a $0.05 price level for Shiba Inu should Bitcoin rally by 1,031% this cycle.
My targets for this cycle:$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
What SHIB at $0.05 Means
With SHIB trading at $0.00002458 at press time, the projected $0.05 target implies Shiba Inu must have rallied 203,317% by next year.
Notably, a $777K price per BTC would give Bitcoin a market cap of over $15.31 trillion. In contrast, a $0.05 price per Shiba Inu would result in a market cap exceeding $29.46 trillion, nearly double that of Bitcoin.
Essentially, Williams and Yazan have inadvertently suggested a scenario in which Shiba Inu will replace Bitcoin as the number one crypto by 2025, a view dismissed as wishful thinking by many prominent experts.