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Shiba Inu (SHIB) enthusiasts are eyeing a potential price surge as Dogecoin (DOGE), the godfather of meme coins, experiences bullish momentum. This analysis explores the ripple effect a doubling of DOGE’s market cap could have on SHIB, examining potential gains and future trends.
SHIB has attracted a flurry of price predictions, with some exceeding current market realities. However, a recent assessment by The Crypto Basic suggests a more achievable target for SHIB, hinging on a specific market condition.
Shiba Inu Mimics Dogecoin’s Moves
SHIB’s journey is intricately linked to DOGE. While aiming to dethrone DOGE as the top meme coin by market cap, both share similar underlying factors, causing their prices to move in tandem.
Data from IntoTheBlock confirms this. Over the past 60 days, SHIB’s price has exhibited a remarkable 97% correlation with DOGE, the highest correlation it shares with any other asset.
A Boon for SHIB if DOGE Surges
This close relationship can prove particularly beneficial for SHIB if DOGE experiences a significant upswing. If DOGE’s market cap doubles from its current $16.35 billion to a staggering $32.6 billion, SHIB could potentially mirror this growth with a 100% price increase, assuming the 97% correlation holds.
SHIB Price Poised for a Jump?
Such a scenario would propel SHIB’s price from $0.00001721 to $0.00003442, a notable 2x rise. Reaching this price point is a realistic possibility for SHIB, considering its impressive 370% surge to $0.000045 earlier this year. However, SHIB retraced from these highs, mirroring the broader market correction.
Analyst Predictions Align with Potential Rise
Crypto analysts are already anticipating SHIB’s return to the $0.00003 territory during a potential market rebound. Prominent analyst Dami DeFi predicts SHIB to reach $0.000034 based on a falling wedge pattern. Similarly, TradingView analyst Santana believes SHIB might be nearing its final dip before a rebound to $0.00003.
Also Read: Shiba Inu Soars! Kusama’s New Project, AIRian, Debuts On Top Exchanges
Reaching for the Stars: SHIB Beyond $0.00003
Three months ago, analyst Digarch suggested SHIB could breach the $0.000035 mark, potentially outperforming Bitcoin (BTC). While reclaiming the $0.00003 zone seems achievable, the exact timing remains uncertain.
The takeaway? SHIB’s price is heavily influenced by DOGE’s movements. If DOGE experiences a market cap surge, SHIB could potentially see a significant price increase. However, investors should approach predictions with caution and conduct their own research before making investment decisions.
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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
