Shiba Inu, a popular cryptocurrency, has the potential to experience a massive surge of up to 30,385% in price after the upcoming Bitcoin halving event. The Bitcoin halving, which occurs every four years, is expected to have a positive impact on Bitcoin’s price by reducing the rate of new BTC token production.
Historically, the market has seen significant price increases following each of the three previous Bitcoin halvings in 2012, 2016, and 2020. This trend has also benefited other cryptocurrencies, including Shiba Inu, which saw its price skyrocket from $12 to an astonishing $1 million in just 453 days.
The remarkable returns potential of Shiba Inu has attracted many investors to the market, who are hopeful that the cryptocurrency will experience a similar upward trend. With the current bullish phase in the crypto market and the upcoming Bitcoin halving, investors are anticipating a price increase for Shiba Inu, although the exact magnitude is uncertain.
To gain some insights into what to expect from Shiba Inu in this cycle, we can look at its previous price movement from 2020 to 2021, following the most recent Bitcoin halving. Notably, Bitcoin’s price averaged around $8,500 during the previous bull run in May 2020, but later surged to a high of $69,000 in November 2021, representing a remarkable 711% increase over a span of 20 months.
In comparison, Shiba Inu, which was launched three months after the 2020 Bitcoin halving, experienced even more substantial price growth after the event. However, due to the low trading volumes and prices as low as $300, we will not consider Shiba Inu’s earliest trading data in this assessment.
Real trading activity for Shiba Inu started on February 1, 2021, with a 24-hour trading volume of $34.9 million. The price of Shiba Inu on that day was $0.00000002910. Impressively, the price skyrocketed to an all-time high of $0.00008845 in October 2021, representing a staggering 303,851% increase in just eight months.
If Bitcoin replicates its 711% post-halving increase during this market cycle, its price could potentially reach around $513,000. Some experts, such as Anthony Scaramucci, the founder of SkyBridge Capital, believe that a price of $500,000 for Bitcoin is feasible. If this increase occurs within a similar timeframe, Bitcoin could reach a value of $513,000 by late 2025.
Likewise, if Shiba Inu replicates its 303,581% increase, its price would reach unprecedented levels. However, for the purpose of this evaluation, we will only consider a 10% increase, which amounts to 30,385%. If Shiba Inu experiences this surge after the Bitcoin halving, its price would rise from the current $0.00002145 to $0.006539.
It is important to note that history does not always repeat itself, but it often follows similar patterns. While this evaluation only captures a small portion of Shiba Inu’s previous upward trend, there is no guarantee that the cryptocurrency will experience a price rally of this magnitude. Additionally, the projected increase in Bitcoin’s price is also speculative.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the personal opinions of the author and do not necessarily reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
