Shiba Inu (SHIB), the popular meme coin, has fluctuated significantly, failing to meet investor expectations. Despite this, analysts are examining how it might react to a potential surge in Ethereum prices.
Leading investment firm VanEck recently made a bold prediction for Ethereum’s future. Their analysts believe ETH’s price could reach $22,000 by 2030, representing a staggering 498.9% increase from its current price of around $3,673.26. This forecast hinges on the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC).
Read Also: Google Gemini and ChatGPT Predict SHIB Price if Bitcoin hits $500k Based On Bloomberg Report
The approval of spot Bitcoin ETFs in January significantly impacted Bitcoin and the entire cryptocurrency market. These instruments allow investors to gain exposure to Bitcoin without directly holding the underlying asset. The result was a surge in investment, propelling Bitcoin to a new all-time high above $73,000 in under two months.
VanEck believes a similar scenario could unfold with Ethereum. Increased accessibility through spot ETFs could attract substantial capital inflows, potentially driving the price towards their projected $22,000 target by 2030.
An intriguing aspect of this prediction lies in the historical price correlation between Shiba Inu and Ethereum. At press time, data from IntoTheBlock showed a 0.71 correlation with Bitcoin and a 0.65 correlation with Ethereum over the last 30 days. These are high values, suggesting an increase in any of these tokens could significantly boost SHIB’s price.
In March, SHIB surged almost 400% as Bitcoin climbed to its new all-time high, and it could mirror this behavior when Ethereum begins its climb.
Read Also: ChatGPT Sets Shiba Inu (SHIB) Price for June 1, 2024
If Shiba Inu follows a similar price trajectory as Ethereum in this scenario, it could reach unprecedented highs. SHIB is trading at $0.00002319, and if it climbs 65% of Ethereum’s expected surge, it could reach $0.00009839, surpassing its all-time high.
Assuming a perfect correlation value of 1 between SHIB and Ethereum, the meme coin could reach $0.0001388, eliminating one zero from its price. A legendary trader recently set the $0.0001 target for SHIB, and with increasing token burns and major developments in the SHIB ecosystem, the meme coin might match Ethereum’s potential surge and hit this target.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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Taipei, Taiwan, 19th June 2024, Chainwire
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