Shiba Inu could eliminate a zero from its price if it stays correlated with Dogecoin and DOGE hits a hypothetical price of $5.
Dogecoin (DOGE) has influenced the performance of the broader meme coin market over the years. Notably, a bullish Dogecoin performance usually translates to a bullish performance for other meme coins like Shiba Inu and vice versa.
Dogecoin’s Potential Surge to $5
While Dogecoin’s performance might be discouraging at the moment, some experts are confident it is poised to reach lofty heights like $5. For instance, experts at Changelly forecast that Dogecoin will clinch this target by October 2034, nearly 10 years from now.
To hit the $5 target, Dogecoin must surge by 2,798% from its current price of $0.1725. At that price, Dogecoin would have a market cap of $743.13 billion.
Should Dogecoin reach this milestone, it could positively impact the broader meme coin market, with assets like Shiba Inu expected to benefit from such a surge. This is because Shiba Inu has a 95% correlation with Dogecoin over the past 60 days, according to data from IntoTheBlock.
With such a high correlation, it is highly likely that Dogecoin’s performance might influence Shiba Inu’s price action. Therefore, Shiba Inu could experience a similar growth rate if DOGE spikes 2,798% to a $5 price target.
Shiba Inu’s Price If DOGE Hits $5
For context, Shiba Inu is currently trading at $0.00001280, with its market cap standing at $7.53 billion. If Shiba Inu experiences a similar growth rate of 2,798%, mirroring Dogecoin’s potential surge to $5, SHIB could be worth $0.00037 per token.
This suggests that a portfolio of 100 million SHIB tokens, currently worth $1,280, could be valued at $37,000 should Shiba Inu hit the $0.00037 milestone.
At a price of $0.00037, Shiba Inu would have a market cap of $218.5 billion. This analysis assumes that Shiba Inu’s circulating supply of 589.25 trillion tokens remains unchanged.
Can Shiba Inu Reach $0.00037?
Hitting the $0.00037 price target would mark a new all-time high price for Shiba Inu, surpassing the previous peak of $0.00008845 by 318%.
Given Shiba Inu’s current price of $0.00001280, it is uncertain whether SHIB will ever clinch the $0.00037 target or when it might occur.
Meanwhile, Changelly experts predict that Shiba Inu will trade around the $0.00037 price level by 2030—five years from now. However, popular prediction platform Telegaon forecasts that SHIB will hit the $0.00037 target a year earlier, specifically by 2029.
As previously reported, chairman of CIFDAQ Blockchain Ecosystem Himanshu Maradiya told Forbes in an interview that the price of SHIB will soar to $0.0003 this year.
For this to happen, several factors, such as massive SHIB adoption, increased burns, and other Shiba Inu-related technological advancements, need to align to increase the odds of Shiba Inu hitting the $0.00037 target.
