Ark Invest Predicts a Whooping 7167% Surge for Shiba Inu if ETH Reaches $166K
In recent times, the market performance of Shiba Inu (SHIB) has been greatly influenced by the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). Notably, Shiba Inu has exhibited a stronger correlation with Ethereum compared to Bitcoin.
Exploring SHIB Correlation
IntoTheBlock (ITB) data indicates a 93% correlation between Shiba Inu and Ethereum’s price over the past 60 days, while the correlation with Bitcoin stands at 71% during the same period.
Read Also: Cardano’s Founder Take On the Plan to Burn $500M from Cardano’s Treasury
Should Shiba Inu continue to maintain this correlation, its price is likely to be more significantly impacted by movements in Ethereum’s price. For instance, if Ethereum were to reach $166,000 as projected by ARK Invest’s CEO, Cathie Wood, Shiba Inu’s price could experience a substantial increase alongside Ethereum’s rise.
Cathie Wood’s prediction suggests that for Ethereum to reach a market cap of $20 trillion by 2032, it would need to surge by 7,167% from its current price of $2,284.
Assuming a similar growth rate of 7,167% for Shiba Inu and a stable circulating supply at 583.45 trillion SHIB, Shiba Inu’s price could potentially increase to $0.00094035, resulting in a considerable surge in its market cap to $554.29 trillion.
However, it’s essential to note that this analysis is purely informational and should not be construed as financial advice, as there is no guarantee that SHIB would achieve such a target in the near future.
Read Also: Ripple’s CEO Brad Garlinghouse Shares Crucial Information for the XRP Community
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Raliat: A rising star in the crypto world, blending expertise with a passion for analysis. With a knack for simplifying complex concepts, she empowers audiences to understand and navigate the blockchain landscape. Raliat’s insightful content and analytical prowess make her a trusted guide in the ever-evolving world of cryptocurrency.
