Bitcoin has surged in price, reaching a new high of $73,737 in mid-March. The extraordinary surge has also propelled Shiba Inu to a new yearly high of $0.00004282 during the same period. The sudden price increase of Shiba Inu occurred right after the Bitcoin halving event.
For those unfamiliar, the Bitcoin halving event is expected to occur next month on April 20, 2024. This event will halve the BTC supply, making the cryptocurrency scarce.
This development will cause Bitcoin to increase in value even further due to increased demand and limited supply. This move will result in not only Bitcoin, but also Shiba Inu and other leading cryptocurrencies, experiencing sustainable growth in their indicators.
How will SHIB’s price behave after the Bitcoin Halving
The leading price and on-chain data company, CoinCodex, has painted a bright picture for Shiba Inu. According to price predictions, SHIB could gain an additional 225% following the Bitcoin halving. The forecast highlights that Shiba Inu could surpass its all-time high of $0.00008616 and reach a new ATH of $0.00009.
That amounts to an ROI (return on investment) of approximately 226% from the current price level of $0.00002783. Therefore, a $10,000 investment in SHIB could turn into $32,600 within the next month during the Bitcoin halving period, if the prediction proves accurate. If the token maintains its momentum, it could also erase the fourth decimal place 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 participating in the cryptocurrency market. Trade at your own risk as the Bitcoin halving event could cause market fluctuations.
