Ethereum
Here is the price of Shiba Inu if Ethereum hits $22,000 as predicted by VanEck
Shiba Inu could surpass the $0.00014 price level if it is below the Ethereum price in case ETH reaches the $22,000 target predicted by VanEck.
VanEck sees Ethereum at $22,000 by 2030
As a reminder, leading asset manager VanEck recently adjusted its outlook for Ethereum, proposing a possible six-fold increase in price per unit and a cash flow of $66 billion. As reported According to The Crypto Basic, VanEck’s latest projection was fueled by the recent approval of Ethereum spot ETFs by the US SEC.
As these investment products are poised to introduce more capital into the Ethereum market, industry experts believe that this development could strengthen the price of Ethereum, thereby triggering a rally to higher highs. This phenomenon has recently been observed with the recently introduced spot Bitcoin ETFs, which have seen a cumulative net inflow of $15.69 billion since January.
Flows into these instruments contributed to Bitcoin’s rise to a new all-time high above $73,000 three months ago. Given these events, VanEck analysts believe that Ethereum could see similar gains. As a result, they project a price target of $22,000 by 2030, over the next six years.
Shiba Inu price if it follows ETH rise
Meanwhile, we recently assessed how much Shiba Inu could rise if it lags Ethereum due to this price surge. Notably, data from IntoTheBlock indicates that SHIB exhibits some level of price correlation with Ethereum, with a 30-day correlation of 69%, as reported by The Crypto Basic earlier this week.
This suggests that Shiba Inu could follow Ethereum’s price movements to some extent as ETH moves towards the $22,000 price target. Remarkably, for Ethereum to reach this $22,000 value, it would need to rise 494% from its current price of $3,700. Furthermore, this $22,000 price would result in an ETH market cap of $2.64 trillion.
If the Shiba Inu records similar gains, its price could reach all-time highs. SHIB is currently changing hands at $0.00002394, having fallen 5% over the past 24 hours to fall below. the $0.000025 support. A similar 494% increase from this point would take Shiba Inu to $0.0001423, leading to a new all-time high for the token.
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Interestingly, market analyst Rafaela Rigo has already predicted a Shiba Inu rally towards this price territory. Last month, Rafaela draws attention to a possible repeat of the 2021 pattern, suggesting that SHIB has the potential to reach $0.0001406. At a price of $0.000014, Shiba Inu’s market cap would be $83.5 billion, an achievable goal.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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