Shiba Inu could spike to a new all-time high of $0.0002545 if it follows Ethereum’s trajectory should the leading altcoin reach $50,000.
The crypto market is now on a recovery path, as most assets look to recoup the losses incurred this week. Shiba Inu is among the best performers in the recovery campaign, currently up 15.22% over the past 24 hours. SHIB has now reclaimed the psychological thresholds at $0.000014 and $0.000015.
Shiba Inu currently boasts a position among the 10 biggest 24-hour gainers on the top 100 list of largest cryptocurrencies. For context, Bitcoin (BTC) is only up 4% in the last 24 hours, while Ethereum (ETH) has increased 4.06%.
Shiba Inu Price if Ethereum Hits $50,000
With the prospects surrounding Bitcoin and Ethereum currently bullish, market watchers expect a similar effect on Shiba Inu. Notably, when leading assets like BTC and ETH record upsurges, Shiba Inu and other altcoins follow suit. This is due to their close price correlation.
IntoTheBlock’s Correlation Matrix confirms that Shiba Inu boasts a price correlation of 87% with Ethereum over the last month. In addition, SHIB has a correlation of 94% with Bitcoin within this period. This indicates that a rapid price surge from ETH or BTC could trigger a similar rise in Shiba Inu’s price.
Shiba Inu and Ethereum Correlation | IntoTheBlock
Consequently, we recently assessed how much Shiba Inu would be worth if it trails Ethereum upon the completion of one its numerous targets. One such target saw asset manager VanEck predict last May that Ethereum could hit $50,000 by 2030.
If Ethereum clinches this $50,000 price, it could have far-reaching effects on Shiba Inu. For context, ETH currently trades for $2,989. The altcoin would need to rally 1,572% to hit the $50,000 target. If Shiba Inu sees a similar upsurge, its price would jump from the current $0.00001522 to $0.0002545. This would lead to a new ATH.
SHIB at the $0.0002 Level
Notably, despite its recent encouraging recovery performance, Shiba Inu is still down 66% from its yearly peak of $0.000045. In addition, SHIB has dropped nearly 83% from the all-time high of $0.00008845 attained in 2021.
Market participants and analysts believe SHIB still has more room for growth. While some project a reclamation of $0.000045, others expect a rally to $0.000165, beyond the current all-time high. Several market commentators also predict a surge to an ambitious $0.00045 price.
Predictions to the $0.0002 level have also come up. Last month, crypto trader Valeriya projected a rise to $0.000022. Also, Bitcoin advocate Moataz Elsayad believes SHIB can hit $0.00024. These projections have varying bases, with some citing a broader market uptrend as a possible catalyst. Nonetheless, it remains to be seen if any could materialize.