Shiba Inu Price Could Skyrocket 7,167% to $0.00094035 with Ethereum at $166K, Ark Invest Prediction

Shiba Inu, a cryptocurrency, has the potential to rise above $0.0009 if Ethereum reaches the projected price of $166,000 as predicted by Cathie Wood, the CEO of Ark Invest. The influence of Bitcoin (BTC) and Ethereum (ETH), the top two cryptocurrencies by market cap, extends to other digital assets like Shiba Inu (SHIB).

In the past 24 hours, Shiba Inu’s price dropped by 2.3% to $0.00001294, mirroring declines of 2.93% for Bitcoin and 2.54% for Ethereum. Data from IntoTheBlock (ITB) reveals that Shiba Inu demonstrates a stronger correlation with Ethereum than with Bitcoin. Over the last 60 days, Shiba Inu has shown a 93% correlation with Ethereum’s price and a 71% correlation with Bitcoin during the same period.

This close correlation implies that Ethereum’s performance significantly impacts Shiba Inu’s price movements. If this correlation persists, Shiba Inu’s price is likely to surge whenever Ethereum experiences an increase, and vice versa.

Analyzing the recent market downturn, predictions for Ethereum’s future price were examined to gauge their potential impact on Shiba Inu’s price. Cathie Wood’s projection suggests that Ethereum could reach $166,000 by 2032, with a market cap of $20 trillion. To achieve this, Ethereum would need to surge by 7,167% from its current price of $2,284.

Applying a similar growth rate to Shiba Inu, a 7,167% increase would elevate its price to $0.00094035, assuming a relatively stable circulating supply of 583.45 trillion SHIB. Consequently, Shiba Inu’s market cap would skyrocket from $7.62 trillion to an impressive $554.29 trillion under these circumstances.

It is essential to note that this analysis serves informational purposes only and should not be construed as financial advice. There is no guarantee that Shiba Inu will reach this target in the near future, emphasizing the speculative nature of such projections.

In conclusion, the interconnectedness between Ethereum and Shiba Inu underscores the significance of Ethereum’s performance on Shiba Inu’s price trajectory. As the crypto market continues to evolve, monitoring these correlations and projections can provide valuable insights for investors, albeit with a cautious approach to speculative forecasts.