The performance of Shiba Inu (SHIB) has historically been tied closely to the broader cryptocurrency market, particularly Ethereum (ETH). According to data from blockchain analytics platform IntoTheBlock, Shiba Inu has demonstrated a 93% correlation with Ethereum over the past 60 days. This means that SHIB’s price tends to mirror ETH’s price movements more closely than Bitcoin (BTC), which shows a lower correlation of 71%.
Cathie Wood, CEO of ARK Invest, has made a bold projection that Ethereum could reach $166,000 by 2032, driven by its market cap potentially soaring to $20 trillion. If Ethereum were to experience this massive price surge of 7,167% from its current price of $2,284, SHIB could follow suit given its strong correlation with ETH. Applying a similar growth rate of 7,167% to Shiba Inu’s current price of $0.00001294 could push the meme coin to $0.00094035, which would represent a significant milestone.
Also Read: Shiba Inu Dips Below $8B Market Cap – Transaction Volumes Plummet 67% Amid Ongoing Downtrend
For Shiba Inu to reach this price, its market cap would have to grow from $7.62 billion to $554.29 trillion—an enormous leap, even in the fast-evolving world of cryptocurrencies. While this hypothetical growth is exciting, it is essential to approach such forecasts with caution, as market volatility and external factors can drastically alter projections.
Nevertheless, if Ethereum achieves Wood’s projected price, SHIB could potentially see astronomical gains, making it a token to watch closely in the coming years.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
