Shiba Inu, the meme-inspired cryptocurrency, has been facing a recent downturn in the cryptocurrency market. However, CoinCodex, a prominent crypto analytic platform, predicts a significant price surge for Shiba Inu despite the current market conditions. They forecast that by the end of April, Shiba Inu could experience a massive price increase of over 150%.
The increased volatility in the broader market has particularly impacted Shiba Inu, which gained popularity as a meme-inspired cryptocurrency. After experiencing a spike of over 250% in March, Shiba Inu has recently lost most of its gains. As of now, the price of SHIB has declined by 9.52% since the beginning of this month and is down 0.5% in the past 24 hours.
CoinCodex predicts that Shiba Inu will reach $0.00006983 by May 1, representing a price surge of 151.4% since the prediction was made. With SHIB currently trading at $0.00002684, this projected rally towards the $0.00006983 level indicates a price increase of 150.46%. CoinCodex further expects Shiba Inu to reach an even higher price of $0.00009102 by May 12, marking a staggering 226% increase from the current price.
The prediction aligns with the highly anticipated Bitcoin Halving event scheduled to take place between April 19 and 20. This event will cut Bitcoin miners’ rewards in half, aiming to combat inflation and maintain scarcity. As a result, the halving could potentially boost Bitcoin’s price to unprecedented levels. Since Shiba Inu tends to follow the movements of Bitcoin, there is a good chance that SHIB will rally alongside BTC after the event.
CoinCodex’s favorable prediction for SHIB comes just days after Elon Musk’s AI chatbot, Grok, predicted that SHIB could reach $0.00009508 by April 3. This combined with CoinCodex’s analysis has generated excitement among Shiba Inu enthusiasts and investors.