The price of Bitcoin reaching a new high of $73,737 in the middle of this month also led to Shiba Inu (SHIB) hitting a new one-year high of $0.00004282 during the same period.
This surge in the price of Shiba Inu came immediately after the Bitcoin halving event, which is scheduled to take place next month on April 20, 2024.The Bitcoin halving event will result in the supply of Bitcoin being halved, making it scarce and increasing the demand for the cryptocurrency.
This development is expected to drive the price of Bitcoin further up, and it will also benefit other leading cryptocurrencies, including Shiba Inu.
CoinCodex, a leading on-chain metrics and price forecasting firm, predicts that Shiba Inu may increase by another 225% after the Bitcoin halving. This means that Shiba Inu could potentially exceed its all-time high of $0.00008616 and reach a new ATH at the level of $0.00009.If this prediction is correct, a $10,000 investment in SHIB could turn into $32,600 during the Bitcoin halving next month. However, the cryptocurrency market is known for its volatility, and there is no guarantee that Shiba Inu will rise by 225% within 30 days.
