Cryptocurrency investors are watching the performance of major coins like Ethereum (ETH) and their potential impact on the broader market. One coin that is in the spotlight is Shiba Inu (SHIB). With Ethereum’s price on the rise, the question on everyone’s mind is: how high can Shiba Inu go when Ethereum hits $20,000?
Shiba Inu’s Current Market Performance
In recent days, SHIB has gained momentum, reaching a low of $0.00002369 and a high of $0.00002577 in the past 24 hours. Currently, SHIB is trading with an 8% surge in its overall performance during this period.
Also read: Can Solana (SOL) Breach $260 And Hit New ATH in June?
However, the meme coin has been down by 10.3% in the last seven days. Despite this temporary setback, SHIB enthusiasts remain confident in the coin’s prospects in the current bull market.
Shiba Inu’s Potential Value with Ethereum at $20,000
At press time, Ethereum is trading at $3,813, reflecting 30-day gains exceeding 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 be a new all-time high for Shiba Inu, breaching its previous ATH of $0.00008845.
Also read: Ripple: How Many XRP You Need To Make $5 Million If Price Hits $2?
The Correlation Between Ethereum and SHIB
According to IntoTheBlock stats, SHIB has a 69% correlation with the price of ETH, indicating that there is a 69% chance that SHIB will follow ETH if it rises to $20,000.
This strong correlation suggests that Shiba Inu’s price is heavily influenced by the performance of Ethereum, and a significant surge in ETH’s value could have a profound impact on SHIB’s price trajectory.
Also read: Shiba Inu Poised to Hit $0.0001 in June, Says Leading Analyst
