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 surge in Shiba Inu’s price by the end of April, despite the current unfavorable market conditions.
The increased volatility in the market has particularly impacted Shiba Inu, which experienced a surge of over 250% in March but has since lost most of its gains. As of now, SHIB’s price has declined 9.52% since the beginning of the month and 0.5% in the past 24 hours.
Despite the recent downtrend, CoinCodex predicts that Shiba Inu’s price could reach $0.00006983 by May 1, representing a surge of 151.4% from the current price. With SHIB currently trading at $0.00002684, this projection indicates 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.
The prediction aligns with the highly anticipated Bitcoin Halving event, scheduled to occur between April 19 and 20. This event will halve Bitcoin miners’ rewards, aiming to combat inflation and maintain scarcity. The halving event is expected to boost Bitcoin’s price to unprecedented levels, and since Shiba Inu tends to move in tandem with Bitcoin, SHIB has a good chance of rallying alongside BTC after the event.
CoinCodex’s favorable prediction for SHIB comes just days after Elon Musk’s AI chatbot, Grok, predicted a price of $0.00009508 for SHIB by April 3. These predictions, along with CoinCodex’s analysis, have generated excitement among Shiba Inu enthusiasts and investors.
