Despite a stellar performance earlier this year, Shiba Inu (SHIB) has faced a significant price correction over the last few weeks. The popular dog-themed crypto is down 3.7% in the weekly charts, 11.2% in the 14-day charts, and 19.8% over the previous month. However, the asset is still up by 149% since April 2023.
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SHIB fans and investors still pursue higher prices and aim to delete more zeros after the decimal point.
When will Shiba Inu (SHIB) delete a zero?
According to CoinCodex, SHIB could surpass its previous all-time high of $0.00008616 very soon. The platform predicts SHIB to hit $0.00009498 on May 8, 2024. Reaching $0.00009498 from current levels would translate to a growth of about 248.4%. If the asset’s price can hold above the targeted level, its price might delete a zero sometime next month.
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Changelly also paints a bullish picture of Shiba Inu’s (SHIB) price over the next few weeks. The platform anticipates SHIB to hit a new all-time high in early May. According to Changelly, SHIB could reach $0.00009551 on May 7, 2024. If SHIB can hold the targeted level, we may witness $0.0001 price levels sometime next month.
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The bullish outlook around Shiba Inu (SHIB) is likely due to Bitcoin’s (BTC) halving later this month. Many analysts consider halvings bullish as they reduce the supply of an asset, leading to more demand. There is a possibility that BTC’s halving will lead to the original cryptocurrency reclaiming its all-time high, triggering a market-wide rally. In such a scenario, altcoins like Shiba Inu (SHIB) might hit new peaks as well.