Ethereum
How High Can SHIB Go When Ethereum Hits $20,000?
Cryptocurrency investors are watching the performance of major coins like Ethereum (ETH) and their potential impact on the broader market. One piece that is in the spotlight is Shiba Inu (SHIB). With Ethereum price rising, the question on everyone’s mind is: how high can Shiba Inu go when Ethereum hits $20,000?
Current Shiba Inu Market Performance
In recent days, SHIB has been gaining momentum, reaching a low of $0.00002369 and a high of $0.00002577 in the last 24 hours. Currently, SHIB is trading with an 8% increase in its overall performance during this period.
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However, the meme coin has declined by 10.3% over the past seven days. Despite this temporary setback, SHIB enthusiasts remain confident in the coin’s prospects in the current bull market.
Potential value of Shiba Inu with Ethereum at $20,000
At press time, Ethereum is trading at $3,813, reflecting 30-day gains of more than 20.3%. For ETH to reach the $20,000 threshold, it would need to increase by 427%.
If Shiba Inu were to mirror Ethereum’s growth and achieve a 427% increase from its current price, its value could skyrocket to $0.0001282. This price level would mark a new all-time high for Shiba Inu, surpassing its previous ATH of $0.00008845.
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The correlation between Ethereum and SHIB
According to IntoTheBlock statistics, SHIB has a 69% correlation with the price of ETH, indicating that there is a 69% chance that SHIB will follow ETH if it hits $20,000.
This strong correlation suggests that the Shiba Inu price is heavily influenced by the performance of Ethereum, and that a significant increase in the value of ETH could have a profound impact on the price trajectory of SHIB.
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