Bitcoin skyrocketed in price touching a new high of $73,737 during mid-March this month. The phenomenal spike also led Shiba Inu to hit a new yearly high of $0.00004282 at the same period. The sudden spurt in price for Shiba Inu comes on the heels of the Bitcoin halving event.
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For the uninitiated, the Bitcoin halving event is scheduled to take place next month on April 20, 2024. The event will make the supply of BTC cut into half making the cryptocurrency scarcely available. The development will make Bitcoin further shoot up in price as the demand will be high with limited supply. The move will make not only Bitcoin but also Shiba Inu and other leading cryptocurrencies sustainably scale up in the indices.
Shiba Inu: What Will SHIB’s Price Be Post Bitcoin Halving?
Leading on-chain metrics and price prediction firm CoinCodex has painted a rosy picture for Shiba Inu. According to the price prediction, SHIB could rise by another 225% on the heels of the Bitcoin halving. The forecast highlights that Shiba Inu could breach its all-time high of $0.00008616 and reach a new ATH of $0.00009 level.
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That’s an uptick and return on investment (ROI) of approximately 226% from its current price of $0.00002783. Therefore, an investment of $10,000 in SHIB could turn into $32,600 next month during Bitcoin halving if the prediction turns accurate. If the token holds on to the momentum, it could also delete its fourth zero and hit the $0.0001 mark.
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However, the cryptocurrency market is highly volatile and there is no guarantee that SHIB could spike 225% in 30 days. It is advised to do thorough research before taking an entry position in the cryptocurrency market currently. Trade at your own risk as the Bitcoin halving event could make the markets turn volatile.