- Shiba Inu faces recent downturn but CoinCodex predicts 150% surge to $0.00006983 by May 1st.
- SHIB could rise to $0.00009102 by May 12th, a potential 226% increase.
- Forecast aligns with Bitcoin Halving, expected to boost SHIB alongside BTC, exciting investors.
The cryptocurrency market has been experiencing a bearish trend in recent weeks, with Shiba Inu (SHIB), seeing significant price declines. However, prominent crypto analytic platform CoinCodex forecasts that Shiba Inu could witness a massive price surge of over 150% by the end of April, despite the current market conditions.
The increased volatility across the broader market has particularly affected Shiba Inu, which gained popularity as a meme-inspired cryptocurrency. The token, which spiked over 250% in March, has recently lost most of its gains. At press time, SHIB’s price has declined 9.52% since the beginning of this month and is down 0.5% over the past 24 hours.
CoinCodex predicts Shiba Inu to reach $0.00006983 by May 1
Despite the recent downtrend, CoinCodex believes that Shiba Inu’s price could reach $0.00006983 by May 1, representing a price surge of 151.4% since the prediction. With SHIB currently trading at $0.00002684, the projected rally toward the $0.00006983 level marks a price increase of 150.46%.
Furthermore, CoinCodex expects Shiba Inu to reach an even higher price of $0.00009102 by May 12, marking a staggering 226% increase from the current price.
Bitcoin Halving: A Potential Catalyst for Shiba Inu’s Price Surge
The prediction is expected to play out after the highly anticipated Bitcoin Halving event, scheduled to occur between April 19 and 20. The halving event will slash Bitcoin miners’ rewards in half, from 6.25 BTC to 3.125 BTC. By slowing down the pace of new token creation, this move aims to combat inflation and maintain scarcity.
As a result, the halving could bolster Bitcoin’s price to unprecedented levels. Shiba Inu tends to move in tandem with Bitcoin, so SHIB has a good chance of rallying alongside BTC after the event.
CoinCodex issued a favorable prediction for SHIB just days after Elon Musk’s AI chatbot, Grok, predicted that SHIB could reach a whopping $0.00009508 by April 3. This prediction, along with CoinCodex’s analysis, has generated excitement among SHIB enthusiasts and investors.
