Shiba Inu (SHIB) Price Could Double if Dogecoin (DOGE) Market Cap Doubles, Analysts Say
- 王林Original
- 2024-07-19 17:50:43876browse
As the crypto market continues to evolve, Shiba Inu enthusiasts keenly observe the potential impact of Dogecoin's market cap doubling. This analysis explores the possible price surge for Shiba Inu if Dogecoin achieves this milestone, highlighting the anticipated gains and future trends.
Shiba Inu price has been subject to various price targets throughout the meme coin's journey in the market. While some goals are quite ambitious, others seem achievable. An evaluation by The Crypto Basic shows that SHIB could regain such a target if the market meets certain conditions.
Shiba Inu Price Maintains Its Correlation with Dogecoin
This evaluation is especially relevant for Dogecoin, the first Shiba Inu meme coin. Considering its relationship with (DOGE). SHIB's mission has been to dethrone Dogecoin as the largest meme coin by market cap. But since both assets have similar fundamentals, they both continued to move side by side.
An increase in Dogecoin price usually causes a similar increase in SHIB price and vice versa. IntoTheBlock data confirms this trend, showing that Shiba Inu has a 97% price correlation with Dogecoin over the last 60 days. This is the highest correlation with any asset on the list.
This close relationship between the two assets could be positive for SHIB, especially when Dogecoin registers an uptrend. For example, if DOGE sees an increase that could increase its market cap from the current $16.348 billion to $32.696 billion, SHIB could record a proportional 100% increase in its price if it maintains a 97% price correlation.
Shiba Inu When DOGE Market Cap Doubles Price
The occurrence of such an event would increase the Shiba Inu price from $0.00001721 to $0.00003442, an increase of 2%. SHIB could easily reach this price considering it had a 370% increase to $0.000045 earlier in the year. However, Shiba Inu left this zone during the pullback from the annual top.
Analysts have already predicted that Shiba Inu will return to the $0.00003 zone during an imminent rebound. Leading cryptocurrency market analyst Dami DeFi predicted that SHIB will reach $0.000034 during a falling wedge formation. Earlier this month, TradingView analyst Santana noted that Shiba Inu was about to record its latest decline before rebounding to $0.00003.
On the other hand, three months ago an analyst named Digarch said SHIB could reach $0.000035. He noted that this will happen after Shiba Inu outperforms Bitcoin (BTC). While it is thought that SHIB could easily regain the $0.00003 zone, there are no guarantees that this will happen anytime soon.
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