If Shiba Inu grows to half the size of Ethereum, its price could soar to a new all-time high, offering significant returns for early investors.
Since its launch in August 2020, Shiba Inu has had close ties to the Ethereum blockchain. Specifically, SHIB is an ERC-20 token built on Ethereum, meaning it could benefit directly from any increase in ETH’s value.
This relationship is evident in the recent price movements of both assets. IntoTheBlock’s data shows that Shiba Inu has maintained a 78% correlation with Ethereum over the past 30 days. This is significantly higher than its 41% correlation with Bitcoin during the same period.
- Shiba Inu correlation with Ethereum
In the last 24 hours, both Ethereum and Shiba Inu have experienced price declines. ETH has dropped by 1.59%, while SHIB has fallen by 2.01%.
Shiba Inu’s Price If It Becomes Half the Size of Ethereum
Given Shiba Inu’s connection to Ethereum, The Crypto Basic estimated SHIB’s price if it were to grow to half the size of ETH. This scenario assumes that Shiba Inu’s market capitalization reaches 50% of Ethereum’s current value.
As of now, Ethereum is trading at $2,561 with a market cap of $309.27 billion. Half of this valuation equates to approximately $154.64 billion.
Meanwhile, Shiba Inu has a market capitalization of $6.9 billion and ranks as the 19th-largest cryptocurrency. SHIB is currently trading at $0.00001172, posting negative returns over the past day.
Meanwhile, if Shiba Inu’s market cap were to rise to $154.64 billion, it would represent a 2,141% increase from its current valuation. This would also surpass Jake Gagain’s $100 billion projection for Shiba Inu by 54.64%.
At a $154.64 billion market cap, SHIB’s price would reach $0.0002624, setting a new all-time high. At that price, 100 million SHIB tokens bought today for $1,172 would be worth $26,240, representing an ROI of approximately $25,000.
Potential Timeline for SHIB to Hit $0.00026
Reaching a $154 billion market cap or a unit price of $0.0002624 could be challenging for Shiba Inu due to its massive supply of 589.25 trillion tokens. Many critics argue that burning a significant portion of the supply is necessary for SHIB to reach such high price targets.
Nevertheless, some market analysts have disregarded these concerns and continue to forecast SHIB’s climb toward the $0.0002 range.
Crypto exchange Changelly predicts SHIB will hit $0.0002624 by April 2032, seven years from now. Meanwhile, the prediction platform Telegaon expects this target to materialize by 2028, two years earlier than Changelly’s estimate.
Notably, Telegaon’s forecast aligns with one made by ChatGPT. It also agrees that Shiba Inu could reach the $0.00026 mark by 2028, coinciding with the next Bitcoin halving.
Interestingly, a 2024 Forbes article suggested that Shiba Inu would climb to $0.0002624 this year, with a maximum target set at $0.0003. Additionally, analysts have speculated that SHIB could rise to $0.0002649 if it surpasses Tether (USDT) in global crypto rankings.
While this analysis presents an optimistic scenario for SHIB, it is intended solely to illustrate the token’s potential if it were to grow to half the size of Ethereum. There is no guarantee that Shiba Inu will achieve this milestone.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
