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This article analyzes Shiba Inu’s price if Bitcoin surges to $325,000 or $777,000 and Ethereum spikes to $22,000 or $100,000.
As the first crypto ever created, Bitcoin (BTC) detects the trajectory of the broader crypto market. Notably, each bull run typically commences with a tremendous spike in Bitcoin’s price before the effect is reflected in other crypto assets, including Shiba Inu (SHIB).
Like Bitcoin, Ethereum (ETH) also controls the market trajectory to an extent. Although Ethereum may not boast a similar market dominance like Bitcoin, it has influenced other assets’ performance, especially those within its ecosystem.
Shiba Inu Correlation With Bitcoin and Ethereum
Since Bitcoin and Ethereum’s price movements detect the trajectory of the broader market, we assessed data from IntoTheBlock (ITB) to determine the extent to which these assets influenced Shiba Inu’s price.
According to the data, Shiba Inu boasts an 82% correlation with Bitcoin’s price over the past 30 days. The dog-themed token also has a 63% correlation with Ethereum in the same timeframe.
Based on Shiba Inu’s correlation with Bitcoin and Ethereum, the token is expected to move in the same direction as these premier assets. However, this correlation could be beneficial or detrimental to Shiba Inu. A potential rise in Bitcoin and Ethereum prices would affect Shiba Inu positively. Conversely, a bearish performance for the assets could wreak havoc on SHIB.
Therefore, we assessed what Shiba Inu’s price would be if Bitcoin and Ethereum hit some of the loftier targets set by top market watchers.
Here’s Shiba Inu Price if Bitcoin Hits $325,000
Despite cryptos’ current performance, several analysts are confident that the bull market is still in play, as they set loftier targets for Bitcoin and Ethereum. For instance, VanEck’s portfolio manager, Matthew Sigel, set a bullish target of $325,000 for Bitcoin earlier this year.
To hit the $325,000 target, Bitcoin must surge 450% from its current price of $59,076. A similar percentage growth for Shiba Inu would push SHIB to $0.00007694 from its current value of $0.00001399.
Here’s Shiba Inu Price if Bitcoin Hits $777,000
Interestingly, popular on-chain analyst Yazan raised the Bitcoin target to a whopping $777,000. According to Yazan, Bitcoin will hit the target in this market cycle. For Bitcoin to hit this target, the premier asset must rally 1,215% from its current value.
Based on Shiba Inu’s correlation with Bitcoin, applying a similar surge to SHIB would push the asset’s price to a new all-time high at $0.00018396.
Here’s Shiba Inu Price If Ethereum Hits $22,000
Meanwhile, Bitcoin is not the only crypto that has received favorable predictions from market observers. These experts have also set jaw-dropping targets for Ethereum. In June, VanEck estimated that Ethereum’s price could spike to $22,000 by 2030. This represents an increase of 774% from the ETH’s current price of $2,516.
With Shiba Inu trading at $0.00001399, a similar 774% upsurge for SHIB would automatically take its price to $0.00012222.
Here’s Shiba Inu Price If Ethereum Hits $100,000
Furthermore, other experts have provided more ambitious targets for Ethereum. In particular, analysts from crypto trading platform Changelly believe Ethereum will surge tremendously to $100,000 by 2033. Hitting the $100,000 target requires Ethereum’s price to increase 3,874% from its current level.
Given Shiba Inu’s correlation with Ethereum, a similar 3,874% surge could take SHIB’s price to $0.00055596 by 2033.