Shiba Inu [SHIB] has managed to outshine several assets in terms of popularity. Just as the meme coin was taking over the market, it lagged due to its price. At press time, SHIB was trading at $0.0000172 with a 2.12% rise over the past 24 hours. The asset currently remains 80% below its all-time high. But Shiba Inu could experience a boost thanks to its correlation with the rest of the market. For instance, SHIB has recorded a 78% correlation with Bitcoin for nearly 60 days now. The king coin’s potential surge could aid Shiba Inu in recording a spike in price.
Currently, Bitcoin is priced at $69,462 with a 3.15% daily increase. More recently, prominent asset manager VanEck, predicted that Bitcoin might hit a high of $2.9 million by the year 2050. Over the next 26 years, the BTC would need to rise by as much as 4,168% from its current level. If Bitcoin rises to this point, the increase may have a significant impact on other cryptocurrencies. SHIB is among the first to stand in line considering its correlation with the king coin.
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Shiba Inu’s Price if BTC Rises to $2.9 Million
Shiba Inu isn’t as stable as its counterparts and is considered to be highly volatile. As a result, assuming SHIB continues on its current path and registers a 4,168% increase, it will reach $0.00073367 by 2050. Bitcoin will certainly need to rise to a high of $2.9 million for this to take place.
Even though this prediction is rather far-fetched, it instills hope in the cryptocurrency market. Through this surge, the meme coin might rekindle its trend of creating millionaires and billionaires.
Also Read: Shiba Inu [SHIB] to Record a Bullish August, Here’s Why
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