If Donald Trump wins the 2024 US presidential election, the cryptocurrency market, including Shiba Inu (SHIB), could see significant price increases due to his pro-business and pro-crypto stance. Let’s discuss the potential scenarios and the impact on SHIB in this case.
Potential Impact of Trump's Victory on SHIB Price
1. Recent performance of SHIB:
The Shiba Inu has seen significant growth in recent times, with increases in:
2.5% per day
11.4% for the week
40.5% over last month
171.5% as of October 2023
Despite the impressive growth, SHIB is still struggling to break above the important resistance level at $0.00002.
2. Scenario if Trump wins:
Many analysts predict that Trump's victory could create a wave of optimism in the cryptocurrency market, especially for Bitcoin and other digital assets.
Based on CoinCodex's forecast, the SHIB price could reach $0.00001741 by the November 2024 election, although this is a 7.2% drop from the current price. However, in the event that the market is driven by policy changes and positive sentiment, SHIB still has the potential to rise higher.
3. Standard Chartered's forecast and SHIB's growth potential:
In a report, Standard Chartered predicts that Bitcoin could reach $125,000 if Trump wins, representing an 84.49% increase from its current price. Assuming SHIB grows similarly to Bitcoin, the price of SHIB could reach $0.00003461, marking a new high for 2024.
In summary, Trump's leadership could bring favorable conditions for SHIB, including:
Growth goes hand in hand with Bitcoin and other digital assets
Market optimism fueled by pro-crypto policies
Ability to break through resistance and set new highs
However, investors need to be cautious as volatility in the crypto market remains very high, and corrections could occur if market sentiment changes.