Shiba Inu (SHIB) enthusiasts closely watch the potential effects of Dogecoin’s (DOGE) market cap doubling. Currently, DOGE’s market cap stands at approximately $16.348 billion. If it doubles to around $32.696 billion, analysts predict a significant price increase for SHIB.
Strong Price Correlation
Shiba Inu shows a remarkable correlation with Dogecoin, boasting a 97% price correlation over the past 60 days. This close relationship means that when DOGE’s price spikes, SHIB’s price typically follows suit. If DOGE’s market cap doubles, SHIB could see a 100% price increase, rising from $0.00001721 to approximately $0.00003442.
Analysts’ Predictions
Several analysts project that SHIB could return to the $0.00003 territory. Some even suggest it might breach $0.000035. For instance, Dami DeFi indicates that SHIB could reach $0.000034 amid a falling wedge pattern. Meanwhile, other analysts believe SHIB is on the verge of a rebound to the $0.00003 mark.
Earlier this year, SHIB spiked to $0.000045 before retracing. This historical performance suggests that reaching these targets is feasible under favorable market conditions.
Market Trends and Future Outlook
The cryptocurrency market is known for its volatility and rapid changes. Therefore, while SHIB has potential for growth, these predictions depend on broader market trends. If DOGE experiences an uptrend, SHIB’s price could follow closely behind.
Moreover, analysts emphasize that although SHIB can reclaim the $0.00003 zone, there are no guarantees regarding the timing of this rebound. The market’s unpredictable nature means that investors should remain cautious.
In conclusion, if Dogecoin’s market cap doubles, analysts predict that Shiba Inu could see its price rise significantly. This potential increase could push SHIB to approximately $0.00003442. The strong correlation between DOGE and SHIB, along with current market trends, supports these optimistic projections. However, investors should stay informed and prepared for market fluctuations.
Read Also: Shiba Inu Faces Price Decline Despite 875% Burn Rate Increase and Game Integration
