Markets
What Could Shiba Inu Price Be If Bitcoin Hits $1 Million?
Shiba Inu could see its price soar to a new all-time high if it falls behind Bitcoin, should the leading crypto asset reach the $1 million target.
Being the first and largest crypto asset, Bitcoin (BTC) it often dictates the movement of the broader crypto market. The asset kicked off previous crypto bull markets when its price soared to new highs in each cycle. Remarkably, the rest of the market has always followed suit.
Market watchers expect a similar case this cycle, projecting that altcoin season, a period when other assets outperform Bitcoin, will occur shortly after BTC reaches its peak in the current cycle. However, it is difficult to determine this peak as opinions vary among market analysts.
Bitcoin Price Predictions
Bitcoin already broke last cycle’s all-time high two months ago, setting a new all-time high above $73,000 on March 14. Despite this feat, analysts expect the price to rise this cycle. CEO of Galaxy Digital Mike Novogratz and author of “Rich Dad, Poor Dad” Robert Kiyosaki are two of the industry experts who see BTC reaching $100,000.
However, Binance CEO Richard Teng and Standard Chartered wait Bitcoin will reach US$150,000, while market veteran Raoul Pal sets a goal of $250,000. Meanwhile, Cathie Wood’s Ark Invest predict Bitcoin will reach the ambitious value of US$1 million, but within the next six years. Former Twitter CEO Jack Dorsey also see BTC reaching $1 million.
Bitcoin reaching $1 million remains speculative, but within the realm of possibility. Such a rally could have positive effects on other crypto assets, including Shiba Inu. Although the two assets do not move in a strictly correlated manner, it is possible to make an educated guess by examining several key factors.
Shiba Inu Price If Bitcoin Reaches $1 Million
Bitcoin’s current market cap is $1.354 trillion at the time of reporting. If the price of Bitcoin skyrockets to $1 million, its market value would increase to around $19.7 trillion, assuming supply is at 19.7 million BTC. This scenario represents a 1,354% increase in the market value of Bitcoin.
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If Shiba Inu proportionally mirrored Bitcoin’s market cap growth, its market cap could similarly increase by 1,354%. Currently, the Shiba Inu’s market value is around $14.3 billion. A proportional increase would bring it to a staggering $208 billion.
With the new projected market capitalization, we can estimate the potential price of Shiba Inu. Currently, the price of SHIB hovers around $0.000024, with a total supply of approximately 589 trillion tokens. If its market capitalization increases to $208 billion, the price per SHIB will adjust accordingly to $0.0003531.
These projections are highly speculative due to the volatile nature of the crypto market and can be influenced by a number of factors, including technological advances, regulatory changes and market sentiment. Furthermore, SHIB could go in a different direction due to independent developments.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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