Shiba Inu (SHIB) followed the larger market rally, gaining 3.3% on the daily chart, 14% on the weekly chart, and 9.3% on the 14-day chart. SHIB continues to remain in the red on the monthly chart, down 9.6% over the past 30 days.
The latest rally could be due to the increase in open interest in major cryptocurrency projects and the increased likelihood that Donald Trump will win the U.S. presidential election. Trump is an outspoken cryptocurrency supporter and has received cryptocurrency donations for his campaign.
Shiba Inu reaches $0.0004
Researchers at CoinCodex say SHIB will break out in the coming days. The platform expects the dog-themed cryptocurrency to reach $0.00004171 on July 21, 2024. Reaching $0.00004171 from current price levels would result in a gain of nearly 123%. CoinCodex analysts do not expect SHIB’s price to remain at $0.00004 and expect a correction to around current levels by early August.
Changelly also expects Shiba Inu to rise in the coming days, reaching $0.00003990 on July 20, 2024. Like CoinCodex, Changelly also predicts that SHIB will face a correction after its rise. The platform expects SHIB to fall to $0.00001817 on August 1, 2024.
Given certain developments, it is possible that SHIB could continue to rise in August. If an Ethereum ETF is launched this month, we could see a rally across the market similar to what happened when the Bitcoin ETF was launched earlier this year. Bloomberg analysts expect the Ethereum ETF to debut on July 18, 2024.
The Shiba Inu team is also reportedly working on a new burn mechanism that will reportedly destroy trillions of tokens per year. We don’t know the release date of the new burn mechanism yet, but its introduction could significantly boost the price of SHIB.
