Shiba Inu has the potential to reach a price of $0.0001 if it follows the price movements of Bitcoin and Ethereum, according to predictions by asset manager VanEck. Despite the uncertain market conditions, VanEck’s analysts have conducted extensive research and made bullish price projections that could have significant implications for Shiba Inu and other assets.
VanEck’s Head of Digital Asset and Portfolio Manager, Matthew Sigel, recently discussed these predictions during an interview with Anthony Pompliano on the Good Morning Crypto podcast. Sigel confirmed that their research suggests a bullish case of $325,000 for Bitcoin and a price target of $22,000 for Ethereum.
These projections indicate different rates of growth for the two leading cryptocurrencies. With Bitcoin currently trading at $61,738, reaching the target of $325,000 would require a 426.4% increase. Similarly, Ethereum, which is currently priced at $3,460, would need to experience a massive 535.6% spike to reach the targeted value.
Due to the price correlation that exists in the crypto market, if Bitcoin or Ethereum reach these levels, it could have a positive impact on Shiba Inu’s price. Data from IntoTheBlock shows that Shiba Inu has a 30-day price correlation of 85% with Bitcoin and a much higher correlation of 94% with Ethereum. This indicates that SHIB has closely followed the footsteps of Ethereum but also maintains a strong correlation with BTC.
As a result, if Bitcoin and Ethereum achieve their bullish targets from VanEck, Shiba Inu’s price could potentially experience a similar surge. Analysts have estimated that if SHIB grows at the average rate of these projected surges, it could rise by an average of 481%. This means that Shiba Inu’s price could breach the $0.0001 level and reach a high of $0.0001015.
Multiple analysts have also identified the $0.0001 level as a potential target for Shiba Inu. However, it’s important to note that these predictions are not guarantees and should not be considered financial advice. Investors are advised to conduct thorough research before making any investment decisions.
In conclusion, if Bitcoin reaches $325,000 and Ethereum reaches $22,000 as predicted by VanEck, Shiba Inu has the potential to reach a price of $0.0001, marking a new all-time high.