Bitcoin has surged in price, reaching a new high of $73,737 in mid-March. The extraordinary price increase has also caused Shiba Inu to reach a new annual high of $0.00004282 during the same period. The sudden price increase of Shiba Inu occurred right after the Bitcoin halving event.
For those who are unfamiliar, the Bitcoin halving event is expected to take place next month on April 20, 2024. This event will halve the BTC supply and make the cryptocurrency scarce.
This development will cause Bitcoin to increase in price even further as demand will be high but supply will be limited. This move will not only impact Bitcoin but also other leading cryptocurrencies like Shiba Inu, leading to sustainable growth in their indices.
What will SHIB’s price be like after Bitcoin Halving?
Leading price and on-chain data company CoinCodex has painted a bright picture for Shiba Inu. According to price predictions, SHIB could increase by an additional 225% after the Bitcoin halving. The forecast emphasizes that Shiba Inu could break its all-time high of $0.00008616 and reach a new ATH of $0.00009.
That’s a potential increase and return on investment (ROI) of about 226% from the current price of $0.00002783. Therefore, a $10,000 investment in SHIB could turn into $32,600 next month during the Bitcoin halving if the prediction holds true. If the token maintains momentum, it could also remove the fourth zero and reach $0.0001.
However, the cryptocurrency market is highly volatile and there is no guarantee that SHIB will surge by 225% in 30 days. Currently, you should conduct thorough research before entering the cryptocurrency market. Be prepared for risks when trading as the Bitcoin halving event could cause market fluctuations.
