Shiba Inu (SHIB) Could Surge to New All-Time Highs If Bitcoin (BTC) Hits $500K or $13M

Shiba Inu could surge to new all-time highs if it maintains its correlation with Bitcoin and the pioneering cryptocurrency hits $500,000 or $13 million.

Shiba Inu has shown signs of a strong correlation with Bitcoin, especially evident in the recent downturn. As some analysts predict Bitcoin could hit $500,000 or even $13 million, this analysis explores how this will affect Shiba Inu.

Bitcoin to $500,000 Prediction

Earlier this year, Bloomberg’s analysts predicted a $500,000 long-term price target for Bitcoin, citing several catalysts for the bold forecast. Among others, the analysis includes Bitcoin’s growing reputation as digital gold and its potential to capture a considerable portion of the precious metal’s market cap.

Moreover, the commentators highlighted growing institutional demand through ETFs and the asset’s limited supply as possible propellants to the $500,000 price mark. Bloomberg noted that with a total supply of just 21 million BTC, growing demand, and decreased supply from quadrennial halvings, the asset could surge to the price target.

Also, other entities, such as Standard Chartered and Galaxy Digital founder Mike Novogratz, have similar price targets for Bitcoin.

Bitcoin to $13M Prediction

Meanwhile, Michael Saylor, chairman of Strategy (formerly MicroStrategy), is the sole prognosticator of a possible Bitcoin surge to $13 million. Despite its loftiness, Saylor believes Bitcoin’s superior quality to fiat, and the global hyperinflationary monetary policy means the premier asset will continue to grow against local currencies.

Additionally, Saylor predicted growing institutional attraction towards Bitcoin, insisting it would capture at least 7% of the global financial market.

Bitcoin’s Market Cap Relativity with Shiba Inu

Following the earlier-mentioned correlation between Bitcoin and Shiba Inu, let’s calculate Shiba Inu’s market cap relative to Bitcoin’s. At the current market cap of $1.705 trillion for Bitcoin and $8.63 billion for Shiba Inu, the relativity factor is 0.506%.

This means that Shiba Inu accounts for 0.506% of Bitcoin’s current market cap. If the correlation hypothetically continues, we can use this factor to assess SHIB’s valuation relative to changes in Bitcoin’s market cap.

Shiba Inu’s Market Cap and Price if Bitcoin Hits $500,000

If Bitcoin hits $500,000, as Bloomberg predicted, its market cap will surge alongside. With a circulating supply of 19.82 million, the crypto firstborn will attain a valuation of $9.91 trillion and $10.5 trillion at a fully diluted valuation (FDV) of 21 million.

Hence, with the 0.506% relativity factor, Shiba Inu’s market cap would hit $50.14 billion if Bitcoin reached $9.91 trillion. Furthermore, SHIB’s price will reflect its market cap, surging to $0.0000851 with its circulating supply of 589.25 trillion.

Notably, this price target remains below Shiba Inu’s all-time high of $0.00008854.

Shiba Inu’s Market Cap and Price if Bitcoin Hits $13 Million

With the same calculations, Bitcoin at $13 million will yield a market cap of $257 trillion and $273 trillion at FDV. Notably, this staggering valuation is over 159 times the pioneering cryptocurrency’s market cap of $1.705 trillion.

Meanwhile, Shiba Inu’s market cap with the 0.506% factor will be $1.3 trillion. Furthermore, considering its circulating supply of 589.25 trillion, SHIB’s price would surge over 150 times from its current market price to $0.002206.

It bears mentioning that these figures are based solely on theoretical correlations. Realistically, there are no guarantees that Shiba Inu will surge alongside Bitcoin or maintain the same relativity with the asset.