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Analytic Platform Forecasts Shiba Inu to Spike Over 150% to $0.000069

source-logo  thecryptobasic.com 12 April 2024 09:49, UTC

Despite the ongoing bearish trend across the broader crypto market, top analytic platform CoinCodex expects Shiba Inu (SHIB) to witness a price surge of over 150% by month-end.

The prices of various crypto assets, including Shiba Inu (SHIB), have plummeted heavily since this month. SHIB, which spiked over 250% in March, has recently lost most of its gains due to increased volatility across the broader market.

At press time, Shiba Inu’s price has declined 9.52% since the beginning of this month. Similarly, the top canine-themed token is also down 0.5% over the past 24 hours.

Meanwhile, Shiba Inu’s recent downtrend may not last much longer, as the token is projected to record a massive price surge by the end of this month.

CoinCodex Forecasts Over 150% Price Surge for Shiba Inu

Prominent crypto analytic platform CoinCodex forecasts that Shiba Inu could reach a price of $0.00006983 by May 1. At the time of the prediction, the platform noted that Shiba Inu’s potential move to $0.00006983 represents a price surge of 151.4%.

However, with SHIB currently changing hands at $0.00002788, Shiba Inu’s rally toward the $0.00006983 level marks a price increase of 150.46%.

Interestingly, CoinCodex also expects Shiba Inu to reach a whopping $0.00009102 by May 12, marking a 226% from the current price.

It is worth noting that the prediction is expected to play out after the Bitcoin Halving, scheduled to occur between April 19 and 20. After the event, Bitcoin miners’ rewards would be slashed in halves, from 6.25 BTC to 3.125 BTC.

The rationale behind this move is to combat inflation and maintain scarcity by slowing down the pace of new token creation. In return, the action could bolster Bitcoin’s price to unprecedented levels. Since Shiba Inu moves in tandem with Bitcoin, SHIB has a good chance of rallying alongside BTC after the highly anticipated halving event.

Meanwhile, the favorable prediction issued by CoinCodex for Shiba Inu comes a few days after Elon Musk’s AI chatbot Grok forecasted that SHIB could reach a whopping $0.00009508 by April 3.