Yona Gushiken
Despite its current downturn, part of the wider correction seen across the cryptocurrency market, Shiba Inu is positioned for a potential 225% surge a few days before the eagerly awaited Bitcoin Halving event. This projection underscored the possibility of SHIB going beyond its previous peak of $0.00008616, recording a new all-time high (ATH) price of $0.00009.
On-chain metrics and price prediction firm CoinCodex revealed that SHIB’s value is anticipated to skyrocket by a staggering 231.76%, targeting a price point of $0.00008518 by April 17, three days before the Bitcoin Halving event scheduled on April 20. Underpinning this optimistic projection are robust technical indicators that currently signal a bullish market sentiment.
The firm also noted that over the past 30 days, SHIB recorded 18 out of 30 days in the green—a period characterized by 48.7% price volatility. Moreover, the Fear & Greed Index, a barometer of investor sentiment, is presently reading 79, indicating a climate of “Extreme Greed.”
The BTC halving is a fundamental part of the Bitcoin protocol that occurs approximately every four years (or every 210,000 blocks mined). During this event, the reward for mining new blocks is halved, meaning miners receive 50% less BTC for verifying transactions.
This mechanism is designed to control the supply of Bitcoin, mimicking the effect of halving the inflation rate and ensuring that the total supply of Bitcoin caps at 21 million. The halving event can have significant impacts on the Bitcoin ecosystem and the broader cryptocurrency market, including lowering the supply of the crypto asset due to the decrease in reward. With the demand increasing, BTC price could surge.
Moreover, halving events historically tend to attract a lot of attention from investors, traders, and media, potentially leading to increased buying activity in anticipation of price increases. Technically, Shiba Inu’s price is not directly affected by Bitcoin halving in the way Bitcoin’s is, since SHIB operates on the Ethereum blockchain and its supply mechanisms are distinct from Bitcoin’s mining and halving processes.
However, Bitcoin halving can indirectly influence the price of SHIB and other altcoins through broader market sentiment and trends. If the halving leads to bullish sentiment for Bitcoin, this optimism can spill over to the wider crypto market, potentially boosting the prices of altcoins, including SHIBA INU, as investors seek to diversify their gains within the crypto space.
As of 9:02 a.m. ET on Tuesday, SHIB was trading at $0.000026, accompanied by a substantial 24-hour trading volume of $1,791,581,164. This reflects a 7.50% decline within the day, a notable 21.36% decrease over the past week, yet an impressive 161.76% increase over the last 30 days.
Standing at the 11th position in CoinMarketCap’s rankings, Shiba Inu boasts a market capitalization of $15,053,688,406. The cryptocurrency’s available supply totals 589,289,410,812,691 SHIB, as per the latest data sourced from CoinMarketCap.
