The Skyrocketing Potential of Shiba Inu If Bitcoin Reaches $52.3M—What It Would Mean for SHIB
The current relationship between Shiba Inu and Bitcoin indicates that SHIB could potentially experience a significant surge of 87,652% if BTC reaches VanEck’s target of $52.3 million. Despite recent attempts by the broader crypto market to overcome obstacles, they have been largely unsuccessful. While Bitcoin led a rebound last week, it faced difficulty in surpassing strong resistance above the $62,000 level, impacting the rest of the market, including Shiba Inu.
Shiba Inu’s Price Correlation with Bitcoin
Despite the market’s efforts to recover, Shiba Inu saw an impressive 11% gain on August 8, which has since been corrected due to Bitcoin’s own correction. This demonstrates the significant correlation between Shiba Inu and Bitcoin. Data from CoinMarketCap shows that Shiba Inu has consistently mirrored Bitcoin’s price movements over the past week. It is noteworthy that SHIB tends to decline when Bitcoin falters, but it recovers when Bitcoin rebounds.
The close correlation between Shiba Inu and Bitcoin can have both positive and negative implications for SHIB’s price action. If Bitcoin sees a substantial increase in price, SHIB could potentially ride on this upward momentum to achieve a similar surge. Various projections have been made regarding potential rallies for Bitcoin, with VanEck, a prominent asset manager, presenting three different price targets for Bitcoin by 2050. Among these, the most bullish projection is $52.3 million.
Shiba Inu’s Potential Price if Bitcoin Hits $52.3M
To put this into perspective, Bitcoin is currently trading at $59,661. To reach VanEck’s bull price target of $52.3 million, Bitcoin would need to see a substantial surge of 87,706% from its current position. While significant, this growth rate is still less than Bitcoin’s all-time growth rate of 95,365,408%, as assessed by CMC. If Bitcoin were to achieve this remarkable spike to $52.3 million, it could potentially trigger similar surges in altcoins like Shiba Inu. Presently, SHIB is trading at $0.00001388, aiming to recover and establish a strong position above $0.000014. An 87,706% surge from this level would propel Shiba Inu to a new all-time high of $0.012187.
At this price point, SHIB would effectively eliminate three leading zeroes, building upon its previous meteoric surge in 2020/2021. However, it is important to note that there are no guarantees that such a rally will materialize. The possibility of Bitcoin recording an 87,706% surge, and SHIB closely following its movements in such a scenario, remains uncertain.
In conclusion, it is crucial to view this information as purely informational and not as financial advice. The opinions expressed in this article are the author’s own and do not necessarily reflect those of The Crypto Basic. Readers are strongly encouraged to conduct thorough research before making any investment decisions, and it is important to note that The Crypto Basic cannot be held responsible for any financial losses that may occur as a result of these decisions.
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