What Could Shiba Inu Price Be If Bitcoin Hits $1M?

Shiba Inu could see its price skyrocket to a new all-time high if it trails Bitcoin should the premier crypto asset hit the $1 million target.

Being the first and largest crypto asset, Bitcoin (BTC) often dictates the movement of the broader crypto market. The asset kickstarted the previous crypto bull markets when its price soared to new highs in each cycle. Notably, the rest of the market has followed suit each time.

Market watchers expect a similar case in this cycle, projecting the altcoin season, a period when other assets outperform Bitcoin, to come up shortly after BTC hits its peak for the current cycle. However, it is difficult to determine this peak, as opinions vary among market analysts.

Bitcoin Price Predictions

Bitcoin already broke the last cycle’s all-time high two months back, setting a new all-time high above $73,000 on March 14. Despite this feat, analysts expect the price to go higher this cycle. Galaxy Digital CEO Mike Novogratz and “Rich Dad Poor Dad” author Robert Kiyosaki are two of the industry pundits who see BTC hitting $100,000.

However, Binance CEO Richard Teng and Standard Chartered expect Bitcoin to reach $150,000, while market veteran Raoul Pal sets a $250,000 target. Meanwhile, Cathie Wood’s Ark Invest predicts Bitcoin to reach an ambitious $1 million, but in the next six years. Former CEO of Twitter Jack Dorsey also sees BTC reaching $1 million.

Bitcoin reaching $1 million remains speculative but within the realms of possibility. Such a rally could have positive effects on other crypto assets, including Shiba Inu. While 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 Hits $1M

Bitcoin’s current market cap is $1.354 trillion at the reporting time. Should Bitcoin’s price skyrocket to $1 million, its market cap would balloon to around $19.7 trillion, assuming the supply sits at the 19.7 million BTC. This scenario represents a 1,354% increase in Bitcoin’s market cap.

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If Shiba Inu were to mirror Bitcoin’s market cap growth proportionally, its market capitalization could similarly increase by 1,354%. Currently, Shiba Inu’s market cap is around $14.3 billion. A proportional increase would raise it to an impressive $208 billion.

With the new projected market cap, we can estimate Shiba Inu’s potential price. Presently, SHIB’s price hovers around $0.000024, with a total supply of approximately 589 trillion tokens. If its market cap escalates to $208 billion, the price per SHIB would adjust accordingly to $0.0003531. 

These projections are highly speculative due to the volatile nature of the crypto market and could be influenced by various factors, including technological advancements, regulatory changes and market sentiment. In addition, SHIB could move at a different direction due to independent developments.