Shiba Inu (SHIB) is following the larger market rebound, rallying 3.3% in the daily charts, 14% in the weekly charts, and 9.3% in the 14-day charts. SHIB continues to glow red in the monthly chart, down 9.6% over the last 30 days.
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The latest rebound could be due to increased open interest in major crypto projects and due to the increased chances of Donald Trump winning the US Presidential race. Trump is a vocal crypto supporter and has enabled crypto donations for his campaigns.
Shiba Inu to hit $0.0004
According to the researchers at CoinCodex, SHIB will break out over the next few days. The platform anticipates the dog-themed crypto to hit $0.00004171 on July 21, 2024. Hitting $0.00004171 from current price levels would lead to a rally of nearly 123%. CoinCodex analysts do not anticipate SHIB’s price to hold at $0.00004, predicting a correction to around current levels by early August.
Changelly also anticipates Shiba Inu to rally over the next few days, hitting $0.00003990 on July 20, 2024. Like CoinCodex, Changelly also predicts SHIB to face a correction after the rally. The platform anticipates SHIB to fall to $0.00001817 on Aug. 1, 2024.
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There is a possibility that SHIB will continue its rally in August, given certain developments take place. If an Ethereum ETF is launched this month, we may witness a market-wide rally, similar to when the Bitcoin ETFs were launched earlier this year. Bloomberg analysts expect an Ethereum ETF to make a debut by July 18, 2024.
The Shiba Inu team is also reportedly working on a new burn mechanism, rumored to burn trillions of tokens every year. We do not have a launch date for the new burn mechanism, but its launch could significantly propel SHIB’s price.