Analyzing the Potential Price Surge for Shiba Inu Amid Dogecoin’s Market Cap Doubling
The crypto market is abuzz with excitement as Shiba Inu enthusiasts closely monitor the potential impact of Dogecoin’s market cap doubling. A recent analysis delves into the implications for Shiba Inu’s price surge if Dogecoin achieves this milestone, shedding light on the anticipated gains and future trends.
Shiba Inu has long been the subject of various speculative price targets, with some being more ambitious than others. According to an assessment by The Crypto Basic, SHIB could potentially reach one of these targets if certain market conditions are met.
One key factor considered in this assessment is Shiba Inu’s correlation with Dogecoin, the original meme coin. Despite Shiba Inu’s mission to surpass Dogecoin as the largest meme coin by market cap, both assets have maintained a close relationship due to their similar underlying principles. Data from IntoTheBlock confirms this correlation, showing a 97% price correlation between Shiba Inu and Dogecoin over the past 60 days, the highest correlation with any asset on the list.
The close relationship between SHIB and DOGE could prove to be bullish for Shiba Inu if Dogecoin experiences an uptrend. For instance, if Dogecoin’s market cap were to double from $16.348 billion to $32.696 billion, SHIB could potentially see a 100% increase in price if it maintains the 97% price correlation.
If such a scenario were to unfold, Shiba Inu’s price could rise from $0.00001721 to $0.00003442, marking a 2x increase. Analysts have already predicted a potential rebound for SHIB, with price targets ranging from $0.00003 to $0.000035. While these targets are within reach based on previous price movements, there are no guarantees of when or if they will be achieved.
As the crypto market continues to evolve, the relationship between Shiba Inu and Dogecoin remains a key factor to watch for investors and enthusiasts alike. Stay tuned for further updates on these meme coins and their potential price movements in the ever-changing crypto landscape.
