Shiba Inu has the potential to achieve a new all-time high of $0.0002545, paralleling Ethereum’s trajectory should the leading altcoin soar to $50,000.
The cryptocurrency market is currently in a phase of recovery, aiming to recoup losses incurred earlier this week. Shiba Inu stands out as one of the top performers in this recovery effort, showing a notable 15.22% increase over the past 24 hours. The token has successfully reclaimed key psychological thresholds at $0.000014 and $0.000015.
In the realm of cryptocurrency performance, Shiba Inu currently ranks among the top 10 gainers in the list of the largest 100 cryptocurrencies. By comparison, Bitcoin (BTC) has seen a modest 4% increase over the last day, while Ethereum (ETH) has risen by 4.06%.
Anticipating Ethereum’s Potential Impact
Given the bullish outlook on Bitcoin and Ethereum, analysts expect a ripple effect on Shiba Inu. Historically, when major assets such as BTC and ETH experience upward movements, other altcoins including Shiba Inu tend to follow suit due to their close price correlations.
According to IntoTheBlock’s Correlation Matrix, Shiba Inu demonstrates an 87% price correlation with Ethereum over the past month and a 94% correlation with Bitcoin during the same period. This suggests that a substantial price surge in ETH or BTC could trigger a similar ascent in Shiba Inu’s valuation.
Analyzing Future Scenarios
Considering predictions and analyses, if Ethereum were to achieve its speculated target of $50,000 (currently trading at $2,989), it would mark a remarkable 1,572% increase. A corresponding surge in Shiba Inu could elevate its price from the current $0.00001522 to potentially reach $0.0002545, setting a new all-time high.
Despite its recent recovery, Shiba Inu remains down 66% from its peak of $0.000045 earlier this year and has experienced an 83% drop from its all-time high of $0.00008845 in 2021.
Market Outlook and Predictions
Market observers and analysts maintain optimistic projections for SHIB’s future growth. Some foresee a recovery to $0.000045, while others speculate a climb to $0.000165 and even a bold prediction of $0.00045. Specific forecasts targeting the $0.0002 level have been put forward, including predictions by crypto trader Valeriya expecting a rise to $0.000022, and Bitcoin advocate Moataz Elsayad suggesting a potential increase to $0.00024. These forecasts hinge on various factors, including broader market trends, though their realization remains uncertain.
Disclaimer: This article serves informational purposes only and should not be construed as financial advice. The views expressed herein are based on personal opinions and do not necessarily reflect those of The Crypto Basic. Readers are urged to conduct their own research before making investment decisions, as The Crypto Basic assumes no responsibility for financial losses incurred.
