Shiba Inu Price if Ethereum Reaches $4,000 According to Polymarket Data
Shiba Inu (SHIB) is set to explode following Bitcoin’s surge to an all-time high.
Polymarket data shows Ethereum reaching $4,000 odds are soaring, which could serve as a tailwind for SHIB coin, which is an ETH-based meme token.
Since this meme coin often tracks Ethereum’s moves, a push in ETH to $4,000 could also see Shiba Inu price skyrocket.
Shiba Inu price today trades at $0.00001557, up by 52% from its lowest level this year. This rally could accelerate and hit its November 2024 high of $0.0000333 if the Ethereum price surges to $4,000.
Polymarket data shows that Ether’s odds to soar to $4,000 have risen to 43%, the highest level since May 1. These odds bottomed at 16% a few weeks ago.
With ETH price trading at $2,660, it needs to jump by 54% to hit the target of $4k. Such a move is possible since it has already rallied by 92% from its April low.
In most cases, Ethereum meme coins rise when it rising and fall when it is in a downtrend. For example, Shiba Inu dropped by 70% between December 8 and April 8.
This crash coincided with Ethereum’s plunge from $4,080 to below $1,400. The same performance often happens in other chains.
It is common for Solana meme coins to rally when SOL is rising and fall when it is falling.