Markets
What could the price of Shiba Inu be if Bitcoin reaches $1 million?
Shiba Inu could see its price skyrocket to a new all-time high if it follows Bitcoin should the leading crypto asset reach its $1 million target.
Being the first and largest crypto asset, Bitcoin (BTC) often dictates the movement of the broader cryptocurrency market. The asset kicked off previous cryptocurrency bull markets when its price rose to new highs in each cycle. Notably, the rest of the market has followed suit every time.
Market watchers expect a similar case this cycle, projecting altcoin season, a period in which other assets outperform Bitcoin, to occur shortly after BTC reaches its peak for the current cycle. However, it is difficult to determine this peak, as opinions vary among market analysts.
Bitcoin Price Predictions
Bitcoin has already surpassed the all-time high of the last cycle two months ago, setting a new all-time high above $73,000 on March 14. Despite this feat, analysts expect the price to rise in this cycle. CEO of Galaxy Digital Mike Novogratz and the author of “Rich Dad, Poor Dad.” Robert Kiyosaki are two of the industry experts who see BTC reaching $100,000.
However, Binance CEO Richard Teng and Standard Chartered to expect Bitcoin will reach $150,000, while market veteran Raoul Pal tax a goal of $250,000. Meanwhile, Ark Invest by Cathie Wood predicts Bitcoin will reach the ambitious million dollars, but in the next six years. Even former Twitter CEO Jack Dorsey you see BTC reaches $1 million.
Bitcoin reaching $1 million remains a speculative hypothesis, but within the realm of possibility. Such a rally could have positive effects on other crypto assets, including Shiba Inu. While the two assets do not move in a closely related manner, you can make an educated guess by examining several key factors.
Shiba Inu price if Bitcoin reaches $1 million
Bitcoin’s current market capitalization is $1.354 trillion at the time of the report. If Bitcoin’s price skyrockets to $1 million, its market capitalization would rise to around $19.7 trillion, assuming supply is 19.7 million BTC. This scenario represents a 1,354% increase in Bitcoin’s market capitalization.
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If Shiba Inu were to proportionally mirror Bitcoin’s market cap growth, its market cap could similarly increase by 1,354%. Currently, Shiba Inu’s market capitalization is approximately $14.3 billion. A proportional increase would bring it to as much as $208 billion.
With the new expected market capitalization, we can estimate the potential price of the Shiba Inu. Currently, the price of SHIB it is around $0.000024, with a total supply of approximately 589 trillion tokens. If its market capitalization rises to $208 billion, the price for SHIB would accordingly adjust to $0.0003531.
These projections are highly speculative due to the volatile nature of the cryptocurrency market and could be influenced by various factors, including technological advancements, regulatory changes and market sentiment. Additionally, SHIB may move in a different direction due to independent developments.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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