Shiba Inu: If Bitcoin reaches $350,000, how high will SHIB go?

Bitcoin (BTC) is one of the best performing assets over the past fifteen years. As BTC prices rise, so do other assets. As a market leader, BTC's gains have spread to other altcoins. Shiba Inu (SHIB) has also benefited from BTC's price rise. Earlier this year, BTC hit an all-time high of $73,737, driven by BTC ETF inflows. SHIB also made the list due to BTC's breakout.

According to Robert Kiyosaki, the author of Rich Dad, Poor Dad, BTC could surge to $350,000 by August 25, 2024. BTC reaching $350,000 from current levels would mean a growth of more than 462%.

If Shiba Inu (SHIB) also sees a 462% gain, the asset price would reach $0.0000955962, a new all-time high. Reaching $0.0000955962 could also cause SHIB to eventually delete the zero and reach $0.0001.

When do Shiba Inus start gathering?

SHIB has been hit hard in the past few days. The asset is down 6.2% on the daily chart, nearly 16% on the weekly chart, 26.3% on the 14-day chart, and nearly 40% in the last month.

The recent market drop could be due to BTC falling below $63,000. On the other hand, BTC’s drop is likely due to miner capitulation, investor fatigue, lack of new capital in the market, and massive outflows from ETFs. As the cost of mining one BTC exceeded $86,000 last week, miners began selling their holdings.

According to cryptocurrency analyst Ali Martinez, the price of BTC often exceeds the cost of mining one BTC. We may soon see a trend reversal with BTC hitting new highs above $86,000. If BTC reaches $85,000, Shiba Inu (SHIB) may follow suit and explode into a rally.

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