市场追踪机构 CoinMarketCap 的数据显示，过去一周，Shiba Inu 的价格走势一直跟随比特币。值得注意的是，每当比特币崩盘时，SHIB 就会下跌，而随着比特币的反弹，SHIB 的价格也会回升。Shiba Inu's correlation with Bitcoin suggests that SHIB could soar 87,652% if BTC hits VanEck's $52.3 million target.
The broader cryptocurrency market has failed to break through recent hurdles. Bitcoin (BTC) led the recovery momentum last week, but faced strong resistance at the $62,000 mark. In response, gains in the rest of the markets stalled, and Shiba Inu was also affected.
SHIB and BTC price correlation
Amid the market recovery movement, Shiba Inu recorded an impressive 11% daily gain on August 8. However, it has since corrected some of its gains due to Bitcoin's pullback. This development confirms the huge correlation between Shiba Inu and Bitcoin.
According to data from market tracking agency CoinMarketCap, the price trend of Shiba Inu has been following Bitcoin over the past week. Notably, every time Bitcoin crashes, SHIB falls, and the price of SHIB picks up as Bitcoin rebounds.
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If the price of Bitcoin rises significantly, SHIB may use this to achieve a similar increase. Interestingly, Bitcoin has predicted such a rise many times.
One of these predictions comes from leading asset management company VanEck. Notably, VanEck predicted last month that Bitcoin's price could reach one of the three by 2050. In the case of a bear market, they expected Bitcoin to be worth $0.13 million. However, in the basic situation and in the case of a bull market, Bitcoin targets $2.9 million and $52.3 million, respectively.
If Bitcoin reaches $52.3 million, the price of Shiba Inu
For background, Bitcoin is currently trading at $59,661. To rally to the $52.3 million bull price target set by VanEck, the cryptocurrency would need to soar 87,706% from its current position. According to CMC's assessment, Bitcoin's historical growth rate was 95,365,408%, far higher than the projected increase of 87,706%.
Meanwhile, if the price of Bitcoin rises by 87,706% to $52.3 million, this upward trend could trigger a similar rise in altcoins such as Shiba Inu. SHIB is currently trading at $0.00001388 and is expected to recover and consolidate its position above $0.000014. If it rises 87,706% from current levels, Shiba Inu will hit a new all-time high of $0.012187.
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At this price, SHIB will erase the three leading zeros to continue the rapid growth of 2020/2021. However, it is uncertain whether this rebound will happen. Notably, no one can guarantee that Bitcoin will record an increase of 87,706%, nor that SHIB will follow suit.