Shiba Inu, the popular cryptocurrency, has the potential to reach a new all-time high if Ethereum, the leading altcoin, reaches $20,000. Despite recent challenges, Shiba Inu has remained resilient, with a slight decline in performance over the past week. However, enthusiasts remain optimistic about the future of SHIB in this bullish market, especially considering its impressive 373% surge two months ago.
This analysis explores the potential market value of Shiba Inu in a scenario where Ethereum reaches unprecedented prices like $20,000. Currently, Ethereum is trading at $3,795, with gains of over 21% in the past 30 days. For Ethereum to reach $20,000, it would need to increase by 427%, pushing its market value above $2.4 trillion.
If Shiba Inu follows Ethereum’s growth pattern and experiences a 427% increase from its current price of $0.00002433, its value could reach $0.0001282. This would be a new record high for Shiba Inu, surpassing its previous all-time high of $0.00008845. Even OpenAI’s ChatGPT predicts a similar potential value for Shiba Inu if Ethereum reaches $20,000.
At the hypothetical price of $0.0001282, Shiba Inu’s market cap would be $75.56 billion, still significantly smaller than Ethereum’s current market cap of $457 billion. According to IntoTheBlock stats, Shiba Inu has a 69% correlation with Ethereum’s price, indicating a high likelihood that SHIB will follow ETH if it reaches $20,000.
While Ethereum reaching $20,000 may seem ambitious, market analysts project a more modest peak for the cryptocurrency in the current bull market. For example, Geoff Kendrick, a leading researcher at Standard Chartered, suggests that Ethereum could reach $8,000 this year and potentially $14,000 by 2025. However, various analysts believe that Shiba Inu reaching a price of $0.0001282 is a realistic possibility. Historically, lower-tier altcoins like SHIB have outperformed established market leaders, making it conceivable for Shiba Inu to experience a significant price jump in this hypothetical scenario.
It is important to note that this article provides information and should not be considered financial advice. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses that may occur.