The Bitcoin Halving event is dubbed one of the most notable developments to take place in crypto history. The event is poised to disperse user momentum, supplying moderate profits towards other coins by compelling users to explore other crypto tokens. While the space may experience initial price fluctuations, the tokens are expected to gain considerable market strength later and embrace the ongoing bull season. Shiba Inu, a leading meme cryptocurrency, also hopes to leverage the upcoming Bitcoin halving surge.
Shiba Inu has always been a nucleus of speculation and intense pressure. The token has performed incredibly well, posting stellar gains in its wake. The bitcoin halving can further boost SHIB’s prospects, helping the token recover some of its lost graces. SHIB is sitting at $0.00002181 at press time, down 7% in the last 24 hours. Will this number change post-Bitcoin halving? Let’s find out.
Also Read: Shiba Inu: $1000 Weekly Since 2020 Becomes $626 Million in 2024
Pre-Halving Miracle: Shibarium Records Surge in Active User Count
The pre-halving events have already started to unroll as Shiba Inu’s layer 2 solution, Shibarium, recorded a significant surge in its active user count. Per Coinpedia Markets, the Shibarium active user account has surpassed the 25,800 mark, noting an 80% in the past 24 hours. With the Bitcoin Halving nearing hard and fast, the surge can easily be dubbed a mass exodus, where users can be seen transitioning towards SHIB as an alternative to hedge and profit before the Bitcoin Halving event.
Coinpedia further shared that SHIB recorded a spike in its transaction volume, as new transactions on the platform rose to 958438 from 419517, spiking nearly 128% in the last 24 hours.
While it’s true that Bitcoin Halving is said to impact and influence user investment patterns, a change in altcoin status and prestige also largely depends on its tokenomics, structure, and community sentiment. Shiba Inu, one of the original meme currency tokens, is set to experience a lasting halving impact. This can influence its price economics and has the potential to significantly change its future price trajectory.
April Performance Forecast for Shiba Inu
Bitcoin Halving is scheduled for April 21, 2024. After the halving event, Shiba Inu may encounter initial price volatility before gaining its momentum and pace again.
Per CoinCodex, Shiba Inu may gain 49% post-Bitcoin halving, preferably around April 24, 2024.
“Based on these Shiba Inu projections, SHIB will be changing hands at $0.00003248 on April 23, 2024, gaining 49.08% in the process.”
Similarly, SHIB may trade within the normal price thresholds of $0.00002179–$0.00007202 before ascending to newer price thresholds in May. CoinCodex predicts SHIB to surge 230% by May 2024.
Also Read: The 1 Cent Dream: When Will Shiba Inu (SHIB) Reach $0.01?
“The price of Shiba Inu may rise by 230.51% and reach $0.00007202 by May 16, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 65 (greed). Shiba Inu recorded 14/30 (47%) green days with 7.97% price volatility over the last 30 days. “