The Potential Value of Shiba Inu if Ethereum Reaches 50000

Coin World reports:
Should the leading altcoin reach $50,000, Shiba Inu may soar to a historic new high of $0.0002545 if it follows Ethereum’s trajectory.
The cryptocurrency market is currently on the road to recovery, as most assets hope to make up for this week’s losses. Shiba Inu is one of the best performers in the recovery movement, currently up 15.22% in the past 24 hours. SHIB has now regained the psychological thresholds of $0.000014 and $0.000015.
Shiba Inu is currently among the top 10 companies with the largest 24-hour gains on the list of the top 100 largest cryptocurrencies. In context, Bitcoin (BTC) has only risen by 4% in the past 24 hours, while Ethereum (ETH) has increased by 4.06%.
Shiba Inu’s price if Ethereum reaches $50,000
With the prospects for Bitcoin and Ethereum currently looking positive, market observers expect Shiba Inu to be similarly affected. Notably, when leading assets such as Bitcoin and Ethereum rise, Shiba Inu and other altcoins also follow suit due to their close price correlation.
IntoTheBlock’s correlation matrix confirms that Shiba Inu had an 87% price correlation with Ethereum last month. Additionally, during this period, SHIB’s correlation with Bitcoin was 94%. This suggests that a rapid price surge in ETH or BTC could trigger a similar rise in Shiba Inu’s price.
Shiba Inu’s correlation with Ethereum | IntoTheBlock
Therefore, we recently assessed the value of Shiba Inu lagging behind Ethereum after completing one of its many goals. One of the goals was asset management firm VanEck’s prediction last May that Ethereum could reach $50,000 by 2030.
If Ethereum achieves a price of $50,000, it could have a profound impact on Shiba Inu. In context, ETH’s current trading price is $2,989. The altcoin needs to rise by 1572% to reach the $50,000 target. If Shiba Inu experiences a similar surge, its price would leap from the current $0.00001522 to $0.0002545. This would lead to a new ATH.
The $0.0002 level for SHIB
It is worth noting that despite Shiba Inu’s recent encouraging recovery performance, it is still down 66% from its annual peak of $0.000045. Moreover, SHIB has fallen nearly 83% from its all-time high of $0.00008845 reached in 2021.
Market participants and analysts believe that SHIB still has more room to grow. While some expect it to recover to $0.000045, others anticipate a rebound to $0.000165, surpassing the current all-time high. Several market commentators have also predicted that the price will soar to $0.00045.
Predictions for the $0.0002 level have also emerged. Last month, cryptocurrency trader Valerya predicted a rise to $0.000022. Additionally, Bitcoin advocate Moataz Elsayad believes SHIB can reach $0.00024. These predictions are based on different grounds, with some believing that a broader market uptrend could be a catalyst. Nevertheless, whether this can be achieved remains to be seen.