Shiba Inu Price Could Surpass $0.0001 if SHIB Follows Bitcoin and Ethereum Prices, Reaching $325K and $22K as VanEck Predicted
Despite market uncertainty, analysts at leading asset management firm VanEck have presented bullish price forecasts. These predictions are based on extensive research into prevailing market conditions. Interestingly, if realized, they could have far-reaching effects on assets like Shiba Inu.
VanEck’s Bitcoin and Ethereum Price Predictions
Abdullah Nassif, host of the Good Morning Crypto podcast, recently highlighted comments from Matthew Sigel, Head of Digital Assets and Portfolio Manager at VanEck, regarding these predictions. Sigel made his remarks during a discussion with crypto community figure Anthony Pompliano. VanEck’s recent research predicts a $325,000 bullish case for BTC and sets a target price of $22,000 for Ethereum.
Recent VanEck Predictions
In response to a question from Pompliano, VanEck’s Portfolio Manager confirmed that their research indicates $325,000 as a bullish case for BTC. Additionally, Ethereum is expected to reach $22,000. For Bitcoin, which is currently trading at $61,738, reaching the $325,000 target would require a 426.4% increase. Ethereum, priced at $3,460 at the time of publication, would need to surge by 535.6% to hit the target value.
Shiba Inu’s Price Correlation with Bitcoin and Ethereum
Given the price correlation in the cryptocurrency market, if either of these assets reaches these levels, Shiba Inu’s price could react positively. Data from IntoTheBlock indicates that SHIB has a 30-day price correlation of 85% with Bitcoin, and a significantly higher 94% correlation with Ethereum. This 94% correlation confirms that Shiba Inu has followed Ethereum more closely. However, the 85% correlation with Bitcoin is also substantial.
If Bitcoin and Ethereum achieve their bullish targets from VanEck, Shiba Inu’s price could experience a similar rise. Crypto Basic evaluated how much SHIB could increase if it grew at an average rate of these expected surges. Notably, the average percentage increase for VanEck’s predictions is 481%.
Shiba Inu Price Could Reach $0.0001
Meanwhile, Shiba Inu’s price is currently $0.00001747, having risen by 1.63% in the past 24 hours. If SHIB increases by an average of 481% from this level, its price would break through the much-desired $0.0001 mark, reaching a high of $0.0001015. Therefore, SHIB could reach $0.0001015 if Bitcoin rises to $325,000 and ETH to $22,000. This would mark a new all-time high for Shiba Inu, eliminating a significant zero.
Read more Shiba Inu Enters Buying Zone, Analysts Predict Imminent Rise to $0.000085
Bitcoin analyst Mags suggested earlier this month that SHIB could reach $0.00014 in the near future. Another analyst, Michael, also saw a target of $0.0001011 after Shiba Inu broke a prevailing bull flag. Interestingly, many analysts have identified the $0.0001 level as a potential target for Shiba Inu across various analyses.
Analyst Sam TCR from TradingView also predicted an imminent recovery to $0.0001. However, it is important to note that these numerous predictions do not guarantee that Shiba Inu can indeed reach $0.0001.
Important Notice: The content presented in this article is intended for informational purposes only and should not be interpreted as financial advice. Coinshibainu.com bears no responsibility for any investment decisions made relying on the information contained herein. It is highly recommended to consult with a qualified expert or financial advisor before making any investment decisions.
