Markets
What could the price of the Shiba Inu be if Bitcoin reached $1 million?
Shiba Inu could see its price skyrocket to a new all-time high if it lags behind Bitcoin if the leading crypto asset hits the $1 million target.
Being the first and largest crypto asset, Bitcoin (BTC) often dictates the movement of the broader crypto market. The asset kicked off previous crypto bull markets when its price reached new highs each cycle. Notably, the rest of the market followed suit each time.
Market observers expect a similar case in this cycle, projecting that altcoin season, a period in which other assets outperform Bitcoin, would occur shortly after BTC hits its peak for the current cycle. However, it is difficult to determine this peak, as opinions vary among market analysts.
Bitcoin Price Forecast
Bitcoin has already broken the last cycle’s all-time high two months ago, setting a new all-time high above $73,000 on March 14. Despite this feat, analysts expect the price to rise this cycle. CEO of Galaxy Digital Mike Novogratz and 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 wait for Bitcoin to hit $150,000, as market veteran Raoul Pal sets a goal of $250,000. Meanwhile, Ark Invest by Cathie Wood predicted Bitcoin is expected to reach the ambitious $1 million mark, but within the next six years. So does former Twitter CEO Jack Dorsey see BTC reaching $1 million.
Bitcoin reaching $1 million remains speculative but still within the realm of possibility. Such a rally could have positive effects on other crypto assets, including Shiba Inu. Although the two assets do not move in a strictly correlated manner, it is possible to make an educated guess by looking at several key factors.
Shiba Inu price if Bitcoin hits $1 million
Bitcoin’s current market capitalization stands at $1.354 trillion at the time of reporting. If the price of Bitcoin climbs to $1 million, its market cap would reach around $19.7 trillion, assuming the supply is at 19.7 million BTC. This scenario represents a 1,354% increase in Bitcoin market capitalization.
– Advertisement –
If Shiba Inu were to proportionally reflect Bitcoin’s market cap growth, its market cap could also increase by 1,354%. Currently, the market capitalization of Shiba Inu is approximately $14.3 billion. A proportional increase would bring it to a staggering $208 billion.
With the new projected market cap, we can estimate the potential price of the Shiba Inu. Currently, the price of SHIB hovers around $0.000024, with a total supply of approximately 589 trillion tokens. If its market cap reaches $208 billion, the price per SHIB would adjust accordingly to $0.0003531.
These projections are highly speculative due to the volatile nature of the crypto market and could be influenced by various factors, including technological advancements, regulatory changes and market sentiment. Additionally, SHIB could 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 opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
-Advertisement-