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Shiba Inu could erase one leading zero from its price if the impact of a Solana rise to $1,000 stretches to the meme coin market.
Notably, the broader cryptocurrency market is facing resistance after a previous rebound push that helped most assets recover lost values. For instance, Solana surged from a low of $142 on Sept. 23 to recover the $157 price territory at press time.
Crypto Markets Correlation
Moreover, Shiba Inu also leveraged the uptrend to record a massive 43% price spike, making it one of the biggest gainers in the latest market recovery. This rally allowed SHIB to retest the $0.00002 price region for the first time since June.
However, as the markets witness a roadblock, Shiba Inu has failed to decisively breach the $0.00002 level. In addition, Solana has also hit a state of flux, unable to push toward the $160 psychological level.
Interestingly, multiple analysts believe the latest push is a precursor of what’s to come. Some expect this recovery to eventually trigger the second leg of the ongoing bull run. For context, during the first leg of this bull run, Solana witnessed a rally to $210, while SHIB spiked to $0.000045 in March.
Shiba Inu Price if Solana Hits $1,000
While there is a consensus of an imminent market-wide surge, price targets vary across different analyses. For example, market veteran Ali Martinez predicted in July that Solana is eyeing the $1,000 price mark. Also, last month, Conor Kenny, a notable trader, projected a $1,000+ price for SOL, calling it a “realistic prediction.”
For Solana to hit this $1,000 price, the bulls will require sufficient support from the broader crypto market. Notably, this would require an uptrend recorded by Bitcoin (BTC), the largest crypto asset, and a subsequent bullish response from the rest of the market, which SOL could leverage.
In such a situation, other altcoins like Shiba Inu could also record bullish surges. For instance, during the first leg of the bull run, assets like Solana and SHIB benefited from the market rally. Moreover, data from CoinMarketCap confirms that SOL and SHIB had moved along each other before SHIB recently skyrocketed.
Solana would need to spike by as much as 536% to reach the $1,000 level. If this materializes and SHIB follows the direction of the broader market, its price could soar by a similar 536% or more.
Should Shiba Inu rally 536% from its current value, it would hit $0.0001226, essentially erasing one leading zero. However, it is important to note that SHIB could potentially surge higher in such a scenario, given its higher volatility. Despite this, there is also the possibility of the dog-themed token witnessing a less impressive growth than the 563% rise.