The Bitcoin halving event has been called one of the most dramatic developments in the history of cryptocurrency. The event is designed to decentralize user motivation, offering modest profits to other tokens by forcing users to explore other crypto tokens. While the space may experience initial price volatility, the tokens are expected to subsequently gain considerable market strength and usher in a sustained bull season. The leading meme cryptocurrency Shiba Inu is also looking to take advantage of the upcoming Bitcoin halving wave.
Shiba Inu has been at the center of speculation and significant pressure. The coin has performed extremely well and subsequently posted stunning gains. The Bitcoin halving could further boost SHIB’s prospects and help the coin regain some of its lost luster. At press time, SHIB is trading at $0.00002181, down 7% in the past 24 hours. Will this number change after the Bitcoin halving? Let’s find out.
Miracle before halving: Shibarium’s active user base surges
The pre-halving events have already begun to unfold as Shiba Inu’s layer 2 solution Shibarium has seen a massive surge in active users. According to Coinpedia Markets, Shibarium active user accounts have surpassed the 25,800 mark, reaching 80% in the past 24 hours. With the Bitcoin halving approaching, this surge could easily be called a mass exodus, which could see users turning to SHIB as an alternative for hedging and profit taking ahead of the Bitcoin halving event.
Coinpedia further revealed that SHIB’s trading volume has surged, with new transactions on the platform increasing from 419,517 to 958,438, a surge of nearly 128% in the past 24 hours.
While it is said that Bitcoin halving does affect and influence users' investment patterns, the change in the status and reputation of altcoins also depends largely on their token economics, structure, and community sentiment. Follow the official account: Bifangshe Shiba Inu is one of the original meme currency tokens, and it will experience a lasting halving effect. This can affect its price economics and has the potential to significantly change its future price trajectory.
Shiba Inu April Performance Forecast
The Bitcoin halving is scheduled to take place on April 21, 2024. After the halving event, the Shiba Inu may experience initial price volatility before gaining momentum and pace again.
According to CoinCodex, Shiba Inu could rise 49% after Bitcoin’s halving, which would ideally be around April 24, 2024.
“According to Shiba Inu’s predictions, SHIB will change hands at $0.00003248 on April 23, 2024, gaining 49.08% in the process.”
Likewise, SHIB may trade within the normal price threshold of $0.00002179 to $0.00007202 before rising to a new price threshold in May. CoinCodex predicts SHIB will surge 230% by May 2024.
“Shiba Inu’s price could increase by 230.51% to $0.00007202 by May 16, 2024. The current sentiment is bearish according to our technical indicators, while the Fear & Greed Index is showing 65 (Greed). Shiba Inu has recorded 14/30 (47%) green days, with a price volatility of 7.97% over the past 30 days. “
