Markets
Here is the new SHIB price
As the cryptocurrency market continues to evolve, Shiba Inu enthusiasts are keeping a close eye on the potential impact of Dogecoin doubling its market cap. This analysis explores the potential price increase for Shiba Inu if Dogecoin reaches this milestone, highlighting expected gains and future trends.
The Shiba Inu has been the subject of multiple speculative price targets. While some of these targets remain highly ambitious, others are within reach. An assessment by The Crypto Basic indicates that SHIB could reclaim one of these targets if the market meets certain conditions.
Shiba Inu Maintains Price Correlation With Dogecoin
In particular, this assessment considers Shiba Inu’s correlation with Dogecoin (DOGE), the first meme coin. SHIB’s mission has been to dethrone Dogecoin as the largest meme coin by market cap. However, due to their similar underlying principles, both assets have continued to move side by side.
Interestingly, a spike in Dogecoin price typically triggers a similar increase in SHIB price and vice versa. Data from IntoTheBlock he confirms this trend, which shows that Shiba Inu has a 97% price correlation with Dogecoin over the last 60 days. This is the highest correlation with any asset on the list.
This close relationship between the two assets can be particularly bullish for SHIB when Dogecoin is in an uptrend. For example, if DOGE sees a surge that could double its market cap from the current $16.348 billion to $32.696 billion, SHIB could potentially see a 100% proportional increase in price if it maintains the 97% price correlation.
Shiba Inu Price If DOGE Market Cap Doubles
Notably, such an event would push Shiba Inu price from $0.00001721 to $0.00003442, marking a 2x increase. SHIB can easily reach this price, considering it surged 370% to $0.000045 at the start of the year. However, Shiba Inu gave up this territory during the retracement observed from the yearly peak.
Analysts have already predicted that Shiba Inu will return to the $0.00003 territory during an imminent rebound. Noted cryptocurrency market analyst Dami DeFi SHIB forecast to hit $0.000034 amidst a falling wedge pattern. Earlier this month, TradingView analyst Santana affirmed that the Shiba Inu may be about to record its final decline before a rebound to $0.00003.
Meanwhile, three months ago, Digarch, another analyst, suggested that SHIB could surpass $0.000035. He noted that this would be due to Shiba Inu outperforming Bitcoin (BTC). Notably, while SHIB could easily reclaim the $0.00003 zone, there are no guarantees that this would happen anytime soon.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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