Shiba Inu (SHIB) has had a brilliant start to the year despite a market dip this week. Although SHIB has faced an 8.1% correction in the weekly charts, the popular dog-themed crypto is up by 3.7% in the daily charts, 9.4% in the 14-day charts, and over 152% since April 2023.
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SHIB’s gains in 2024 are especially commendable, given that the asset has a particularly lackluster year in 2023. Moreover, the asset may be primed for another rally later this month.
Shiba Inu (SHIB) to hit a new all-time high?
According to Changelly, SHIB will continue to rally throughout April 2024. The platform anticipates the asset to surpass its previous all-time high of $0.00008616, hitting $0.00009289 on Apr. 30, 2024. Reaching $0.00009289 from current levels would translate to a growth of about 350%.
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Changelly is not the only platform that expects SHIB to reclaim its 2021 highs. CoinCodex predicts SHIB to reach $0.00009265 on May 1, 2024.
The positive sentiment around Shiba Inu (SHIB) could be due to Bitcoin’s (BTC) halving event later this month. Many analysts consider halvings bullish as they reduce the supply of an asset. BTC’s halving could trigger a market-wide rally, leading to many assets hitting new peaks. However, there is also a possibility that SHIB’s price may consolidate or head lower.
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Furthermore, the SHIB team is working on a new burn mechanism, rumored to burn trillions of tokens yearly. SHIB’s massive supply is one of the most significant barriers to its price. However, if the team can reduce the asset’s supply, we may see a sudden spike in the asset’s price.
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