Popular meme coin Shiba Inu (SHIB) has been fluctuating wildly as it has failed to meet investor expectations. Nevertheless, analysts are investigating how Shiba Inu will react to a potential surge in Ethereum prices.
Large investment firm VanEck recently made some bold predictions about Ethereum’s future. believe The price of ETH could hit $22,000 by 2030, which would represent a staggering 498.9% increase from the current price of around $3,673.26. This prediction hinges on the recent approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC).
Related article: Google Gemini and ChatGPT predict SHIB price if Bitcoin hits $500,000 based on Bloomberg report
The approval of spot Bitcoin ETFs in January had a major impact on Bitcoin and the cryptocurrency market as a whole. These products allow investors to invest in Bitcoin without directly holding the underlying asset. This resulted in a surge in investment, propelling Bitcoin to an all-time high of over $73,000 in less than two months.
VanEck believes a similar scenario could play out with Ethereum, where increased accessibility through a spot ETF could attract significant capital inflows, propelling the price closer to his company’s projected target of $22,000 by 2030.
Shiba Inu Price Correlation with Ethereum
What makes this prediction interesting is the historical price correlation between Shiba Inu and Ethereum. At the time of writing, data from IntoTheBlock shows that over the past 30 days, its correlation with Bitcoin was 0.71, and its correlation with Ethereum was 0.65. These are high values, suggesting that a rise in either of these tokens could lead to a significant increase in the price of SHIB.
In March, SHIB surged nearly 400% as Bitcoin hit new all-time highs, a move that could be mirrored as Ethereum begins to rise.
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Related article: ChatGPT sets Shiba Inu (SHIB) price for June 1, 2024
Potential Price Trajectory of Shiba Inu (SHIB)
In this scenario, if Shiba Inu follows a similar price trajectory as Ethereum, it could reach unprecedented highs. SHIB is trading at $0.00002319, and if it rises to 65% of Ethereum’s expected surge, it could reach $0.00009839 and surpass its all-time high.
Assuming that the correlation value between SHIB and Ethereum is perfectly equal to 1, Meme Coin could lose one zero from the price and reach $0.0001388. A legendary trader recently set a target price for SHIB at $0.0001, but if token burns increase and the SHIB ecosystem develops significantly, Meme Coin could match Ethereum’s potential surge and achieve this goal.
Disclaimer: This content is for informational purposes only and should not be construed as financial advice. The views expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of Times Tabloid. Readers are advised to conduct thorough research before making any investment decisions. Times Tabloid will not be liable for any financial losses.
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