Shiba Inu is currently trading at the $0.00002 level and is mostly trading sideways this month in April. SHIB had rallied hard in March where it spiked nearly 280% in just two weeks. The spike in price came after Bitcoin hit a new all-time high of $73,737 during mid-March sending SHIB’s value to surge.
Also Read: New Prediction Indicates Dogecoin To Reach $2 to $3
However, the dog-themed token is now experiencing a downturn but the upcoming Bitcoin halving event could be its saving grace. The Bitcoin halving event is scheduled to take place on April 21, 2024, and leading cryptocurrencies, including Shiba Inu, could spike in price.
For the uninitiated, Bitcoin halving will cut BTC’s supply in half making the cryptocurrency scarcely available in the market. Since Bitcoin has huge demand, the ‘less supply’ will help its price to sustainably scale up in the indices. Since Shiba Inu moves in tandem with Bitcoin, it has a higher chances of rallying this month.
Also Read: Shiba Inu (SHIB) Investor Misses Out on Earning $10 Million
Shiba Inu: New Prediction Claims SHIB To Rise 220%
Considering the Bitcoin halving event is now only weeks away, leading on-chain metrics and price prediction from CoinCodex reevaluated their forecast for SHIB. The new price prediction indicates that Shiba Inu could spike nearly 225% during the first week of May 2024.
Also Read: Shiba Inu: $4,400 Investment Turns Into $172 Million in April 2024
The surge in price could come days after the Bitcoin halving event indicating that SHIB could replicate BTC’s positive movements. The price prediction claims that Shiba Inu could reach a high of $ 0.000085 during the first week of May next month. However, its price will shy away from its previous all-time high of $0.00008616, which it reached in October 2021.
Therefore, an investment of $10,000 into Shiba Inu today could turn into $32,000 if the prediction is accurate. However, there is no guarantee that SHIB could spike 225% in the next 30 days. The cryptocurrency market is volatile and cuts both ways delivering losses to investors. It is advised to do thorough research before taking an entry position into SHIB currently.
Credit: Source link