Shiba Inu Set to Surge if Ethereum Breaks $4,000 ?
Polymarket data reveals Shiba Inu's price could surge by 115% if Ethereum hits $4,000 this year. With Ethereum's chances rising, this meme coin tied to Ethereum could see a significant boost.
Shiba Inu Ready to Explode
Investors in Shiba Inu (SHIB) have reasons to be optimistic. According to Polymarket data, the price of SHIB could increase by 115% if Ethereum (ETH) manages to reach $4,000 in the coming months. This prospect is becoming more realistic, with Ethereum’s chances of reaching this level recently increasing from 16% to 43%.
Currently trading at $0.00001557, Shiba Inu could reach its all-time high in November 2024 at $0.0000333 if Ethereum achieves its $4,000 target. Given that SHIB often follows Ethereum’s movements, such progress in ETH could result in a significant price surge for the memecoin.
Several technical factors support an optimistic scenario for Shiba Inu. SHIB has notably formed an inverted head and shoulders pattern, generally seen as a signal of a strong uptrend ahead. Additionally, the cryptocurrency is currently in the third phase of the Elliott wave, a configuration also conducive to a significant bullish movement.
Close Correlation with Ethereum
The historical correlation between Shiba Inu and Ethereum suggests that SHIB’s price will likely follow the bullish trend of ETH. In the past, it has been observed that when Ethereum rose, altcoins based on its network, like Shiba Inu, also benefited. Conversely, when Ethereum dropped, SHIB also experienced significant corrections.
If Ethereum indeed reaches $4,000, this should result in a significant surge in SHIB’s price. SHIB investors will need to closely monitor ETH movements in the coming months to anticipate market developments.
Gaston Cuny
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
DISCLAIMER
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This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
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