Shiba Inu Price Could Surge to $0.00014 if It Follows Ethereum’s Lead Towards $22,000: VanEck Predicts
VanEck, a prominent asset management firm, has revised its forecast for Ethereum, envisioning a potential price increase of six times per unit and a cash flow of $66 billion. This adjustment comes after the recent approval of spot Ethereum ETFs by the U.S. SEC, as detailed in a report by The Crypto Basic.
The introduction of these investment products is expected to inject more capital into the Ethereum market, leading industry experts to believe that this could drive Ethereum’s price up to new heights. A similar trend was seen with the introduction of spot Bitcoin ETFs, which attracted a total net inflow of $15.69 billion since the beginning of the year.
The influx of funds into these instruments played a significant role in pushing Bitcoin to a new record high above $73,000 three months ago. Drawing parallels from these events, analysts at VanEck anticipate that Ethereum could experience comparable gains, projecting a price target of $22,000 by 2030, within the next six years.
Considering the potential surge in Ethereum’s price, it is worth examining how Shiba Inu, a cryptocurrency with a 30-day correlation of 69% with Ethereum, could benefit from this rally. If Ethereum were to reach $22,000, marking a 494% increase from its current price of $3,700 and a market cap of $2.64 trillion, Shiba Inu could potentially follow suit.
At its current price of $0.00002394, Shiba Inu has experienced a minor decline of 5% in the past 24 hours, slipping below the crucial support level of $0.000025. A similar 494% surge in price could propel Shiba Inu to $0.0001423, setting a new all-time high for the token.
Market analyst Rafaela Rigo has previously predicted a potential rally for Shiba Inu, suggesting that it could reach $0.0001406, a target that would give Shiba Inu a market cap of $83.5 billion.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The opinions expressed are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.