Markets
Here is the new SHIB price
As the cryptocurrency market continues to evolve, Shiba Inu enthusiasts are closely watching 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 anticipated gains and future trends.
Shiba Inu has been the subject of several speculative price targets. While some of these targets remain very 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 Price Remains Correlated With Dogecoin
This assessment notably takes into account the correlation between Shiba Inu and Dogecoin (DOGE), the first meme cryptocurrency. SHIB’s mission has been to dethrone Dogecoin as the largest meme cryptocurrency by market cap. However, due to their similar underlying principles, the two assets have continued to move side by side.
Interestingly, an increase in the price of Dogecoin usually triggers a similar increase in the price of SHIB and vice versa. Data from IntoTheBlock confirmed This trend 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 especially bullish for SHIB when Dogecoin is experiencing an uptrend. For example, if DOGE experiences a surge that could double its market cap from $16.348 billion to $32.696 billion, SHIB could potentially see a proportional 100% increase in price if it maintains the 97% price correlation.
Shiba Inu Price If DOGE Market Cap Doubles
It is worth noting that such an event would push Shiba Inu’s price from $0.00001721 to $0.00003442, a 2x increase. SHIB can easily reach this price point, given that it surged 370% to $0.000045 earlier in the year. However, Shiba Inu has abandoned this territory amid the retracement seen since the yearly peak.
Analysts have already predicted that Shiba Inu will return to the $0.00003 territory in an imminent rebound. Dami DeFi, a renowned cryptocurrency market analyst SHIB projected to hit $0.000034 in the middle of a falling wedge pattern. Earlier this month, TradingView analyst Santana affirmed that Shiba Inu could be about to record its final decline before a rebound to $0.00003.
Meanwhile, three months ago, Digarch, another analyst, suggested SHIB could break above $0.000035. He noted that this would happen thanks to Shiba Inu’s outperformance over Bitcoin (BTC). Notably, while SHIB could easily reclaim the $0.00003 area, there is no guarantee that this will happen anytime soon.
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 conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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