Shiba Inu (SHIB) Weekend Price Prediction: Mid-July 2024

Paigambar Mohan Raj
Shiba Inu on an airplane
Image Source: Watcher Guru

Shiba Inu (SHIB) witnessed a brief decoupling from other assets yesterday. The asset has rallied 6.3% in the weekly chart but is still down by nearly 1% in the daily chart, 2.5% in the 14-day chart, and more than 26% over the previous month.

The market slump has lasted for a few weeks and is likely due to investor fears around the Mt. Gox Bitcoin reimbursement and the German government’s Bitcoin selling spree. Bitcoin briefly climbed to $59,000 but has since fallen back to the $58,000 level.

Also Read: Shiba Inu: $1 Daily In SHIB Since 2020 Becomes $24 Million Today

Shiba Inu weekend price prediction

shiba inu bokeh lights shib
Source: Pixabay

CoinCodex researchers predict that SHIB’s price will rise over the next few days. The platform forecasts that on Sunday, July 14, 2024, SHIB will reach a price of $0.00002628, a 59% increase from current levels. According to CoinCodex, SHIB will peak at $0.00003607 on July 16, 2024, before going through a correction and reverting to its present values.

Source: CoinCodex

Changelly has an even more optimistic outlook for Shiba Inu’s price moves over the weekend. The platform projects that on Sunday, July 14, 2024, SHIB will reach $0.00003318. Reaching $0.00003318 from the present price would result in a more than 100% increase.

There is also a lot of talk about an Ethereum (ETH) ETF possibly launching sometime in mid-July. Since Shiba Inu is an Ethereum-based cryptocurrency, the launch of an ETH ETF could be beneficial for ETH-based projects. SHIB could witness a rally after the ETF makes its debut.

Also Read: Shiba Inu (SHIB) Predicted to Hit $0.001 After Ethereum ETF

The SHIB team is also reportedly working on a new burn mechanism that is rumored to burn trillions of tokens yearly. We do not have a confirmation on when the new burn mechanism will launch, but it may lead to a significant price rally for the asset.