Bitcoin halving sparks optimism in the Shiba Inu ecosystem

Bitcoin Halving is on the horizon, expected to happen on April 20, 2024. For one, given its historical context of causing a surge in the crypto market, the Shiba Inu ecosystem is currently filled with optimism. Members anticipate a supercycle in the coming days. That is a phase that is identified as a rapid price appreciation for crypto—SHIB in this case.

A SHIB enthusiast, Lucie highlighted that Shiba Inu thrives on the combination of bottoming and reaccumulation. SHIB’s prices rise following that picture on the graph. Lucie added that the same phase is visible and could stretch for a while. This means the price will hit the floor, and traders are likely to re-accumulate the holdings before there is an uptick in the valuation. It is alternatively recognized as the beginning of the bull run.

Excitement is majorly alive for 2024–2025. This roughly translates to the fact that the rise may eventually enable traders to take home profits, if not instantly.

SHIB is currently exchanging hands at $0.00002161, down by 3.55% in the last 24 hours. It further reflects a drop of 22.67% in the last 7 days and 24.675 in the last 30 days. SHIB coin price prediction estimates that the token will end the year at $0.0000250. An actual rise or fall in trading sentiments remains to be seen as the year progresses.

Although the Shiba Inu community is optimistic about the growth prospects, they understand that BTC will be the driving force once the Halving concludes. Bitcoin Halving is known to cause a price rise as it comes with a reduction in the rate at which new tokens are circulated in the market. Thereby introducing rarity and pulling the price to a new high.

ETH could be the first to respond to the change, followed by other tokens, preferably SHIB.

That said, its gas token is also in the picture—BONE. In the last 24 hours, Bone ShibaSwap has fallen by 2.02%, but it is trading at a higher value of $0.5879. A rise in SHIB can have a ripple effect on BONE, benefiting holders of both tokens.

Bitcoin price is significantly down from the recent high of $73,000. The crypto is listed at $61,165.47 at the time of articulating this piece. That is a slip of 3.75% in the last 24 hours. A correction phase was expected by analysts ahead of Halving, but a drop closer to $60,000 raises questions about how strong the next bounce will be after Halving. This time, analysts anticipate a different tone for the halving. It will primarily soften the decline rather than cause a massive rise in value.

For now, the Shiba Inu community expects to ride the bull after Bitcoin Halving. The optimism may not reflect on SHIB and BONE right now, but it could soon move past the bottoming and reaccumulation phases.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button