The performance of Shiba Inu (SHIB), like many other cryptocurrencies, is significantly influenced by the market behavior of Bitcoin (BTC) and Ethereum (ETH), the two largest digital assets by market capitalization.
A prediction by Cathie Wood, CEO of ARK Invest, suggests Ethereum could skyrocket to $166,000, raising the question of how this growth might impact SHIB’s price.
Shiba Inu Shows Stronger Correlation with Ethereum
In the last 24 hours, Shiba Inu’s price fell by 2.89% to $0.00001298, following a general market downturn. During the same period, Bitcoin and Ethereum recorded losses of 3.94% and 4.22%, respectively.
However, data from blockchain analytics platform IntoTheBlock highlights that Shiba Inu’s price is more closely linked with Ethereum’s performance than Bitcoin’s. Over the past 60 days, SHIB has shown a 93% correlation with Ethereum, while its correlation with Bitcoin stands at 71%.
This indicates that Ethereum’s price movements have had a more substantial influence on SHIB’s performance in recent months. Consequently, any upward or downward movement in Ethereum could lead to similar trends in Shiba Inu’s price.
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Projecting Shiba Inu’s Price Based on Cathie Wood’s Ethereum Prediction
In light of the recent market decline, we analyzed how top Ethereum price predictions might affect Shiba Inu’s future value, focusing on Cathie Wood’s bold forecast. The ARK Invest CEO predicts that by 2032, Ethereum could reach a price of $166,000, pushing its market capitalization to $20 trillion.
For Ethereum to achieve this target, it would need to surge by approximately 7,139% from its current price of $2,293. If Shiba Inu were to experience a similar growth trajectory, its price would rise to $0.00094035, assuming the circulating supply remains stable at around 583.45 trillion tokens. In this scenario, SHIB’s market capitalization would expand from $7.62 billion to an astonishing $554.29 trillion.
While this analysis highlights the potential price increase for Shiba Inu if it mirrors Ethereum’s projected growth, it remains a speculative scenario. Many factors could impact ETH and SHIB’s performance over the coming years.
Disclaimer: This content is meant to inform 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. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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