Here is the New SHIB Price

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
has
been
a
subject
of
multiple
speculative
price
targets.
While
some
of
these
targets
remain
highly
ambitious,
others
are
within
reach.
An
assessment
carried
out
by
The
Crypto
Basic
indicates
that
SHIB
could
reclaim
one
such
target
if
the
market
meets
certain
conditions.

Shiba
Inu
Maintains
Price
Correlation
with
Dogecoin

Notably,
this
assessment
considers
Shiba
Inu’s
correlation
with
Dogecoin
(DOGE),
the
first
meme
coin.
SHIB’s
mission
has
been
to
dethrone
Dogecoin
as
the
largest
meme
coin
by
market
cap.
However,
due
to
their
similar
underlying
principles,
both
assets
have
continued
to
move
side
by
side.

Interestingly,
a
spike
in
Dogecoin’s
price
typically
triggers
a
similar
increase
in
SHIB’s
price
and
vice
versa.
IntoTheBlock
data

confirms

this
trend,
showing
that
Shiba
Inu
features
a
97%
price
correlation
with
Dogecoin
over
the
past
60
days.
This
is
the
highest
correlation
with
any
asset
on
the
list.

This
close
relationship
between
both
assets
can
especially
be
bullish
for
SHIB
when
Dogecoin
records
an
uptrend.
For
instance,
if
DOGE
sees
a
surge
that
could
double
its
market
cap
from
the
current
$16.348
billion
to
$32.696
billion,
SHIB
could
potentially
record
a
proportionate
100%
increase
in
price
if
it
maintains
the
97%
price
correlation.

Shiba
Inu
Price
if
DOGE
Market
Cap
Doubles

Notably,
such
an
occurrence
would
push
Shiba
Inu’s
price
from
$0.00001721
to
$0.00003442,
marking
a
2x
rise.
SHIB
can
easily
attain
this
price,
considering
it
spiked
370%
to
$0.000045
earlier
in
the
year.
However,
Shiba
Inu
gave
up
this
territory
amid
the
retracement
witnessed
from
the
yearly
peak.

Analysts
have
already
predicted
Shiba
Inu
to
return
to
the
$0.00003
territory
during
an
imminent
rebound.
Notable
crypto
market
analyst
Dami
DeFi

projected
SHIB
to
reach
$0.000034

amid
a
falling
wedge
pattern.
Earlier
this
month,
TradingView
analyst
Santana

asserted

that
Shiba
Inu
might
be
on
the
verge
of
recording
its
last
drop
before
a
rebound
to
$0.00003.

Meanwhile,
three
months
ago,
Digarch,
another
analyst,

suggested

that
SHIB
could
breach
$0.000035.
He
noted
that
this
would
be
on
the
back
of
Shiba
Inu
outperforming
Bitcoin
(BTC).
Notably,
while
SHIB
could
easily
reclaim
the
$0.00003
zone,
there
are
no
guarantees
that
this
would
happen
anytime
soon.