- Shiba Inu’s top executive believes the crypto market is on track for a super cycle akin to the prior post halving bullish sentiments.
- Shiba Inu price is aiming to retest its all-time high in the coming weeks after last month’s bullish breakout from a macro bearish trend.
The total cryptocurrency market cap has been bleeding in the past few days ahead of the much anticipated fourth Bitcoin halving. Bitcoin (BTC) and Ethereum (ETH) prices have dropped about 3 percent in the past 24 hours leading to Thursday to trade around $61,611 and $3,005 respectively.
Heightened daily average trading volume for the stablecoins market shows that crypto traders have been taking refuge from the increased volatility. Nonetheless, on-chain data provided by CryptoQuant shows that Bitcoin whales have accumulated more than 27k BTCs in the past few days despite the fears of possible capitulation.
Furthermore, the impact of the upcoming Bitcoin halving is well-known based on prior events and the recent adoption by institutional investors via spot BTC ETFs.
Shiba Inu’s Lucie’s Take on Bitcoin Price Action Amid Halving Event
The short-term Bitcoin price uncertainty has increased the overall crypto volatility. However, Lucie, a digital asset investor and marketing lead at Shiba Inu network, has opined that the crypto industry is still on track for a super cycle in the coming quarters. As a result, Lucie is confident the cryptocurrency market will have a repeat of the past major bull cycles such as the one experienced in 2017 and 2021.
Zoom out.
We’re still on track for a super cycle as far as I can see. It’s never a straight line to heaven.
2024/2025 will be interesting. $BTC x $SHIB pic.twitter.com/olvTGmjIJC
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) April 17, 2024
According to Lucie, Bitcoin price has already completed the re-accumulation phase after establishing the bear market bottom between $15k and $16k. If Bitcoin price continues to follow the stock-to-flow model as observed in the past, analysts believe the flagship coin could easily reach at least $300k in this bull cycle.
Furthermore, institutional investors are legally involved in the Bitcoin and crypto industry in this bull cycle compared to the previous that encompassed mostly retail traders. As Crypto News Flash recently reported, Hong Kong has joined the United States in approving spot Bitcoin ETFs, which could influence other countries led by Singapore.
What Next for SHIB and its Ecosystem Tokens
It is safe to assume that the Shiba Inu price is closely mirroring Bitcoin price action and the rest of the crypto assets. According to Lucie, Shiba Inu’s price will eventually reach $0.1 fueled by the growing ecosystem.
Already, the Shiba Inu network has grown to a major web3 ecosystem through the Shibarium scaling solution, Shib The Metaverse, ShibaSwap, Shibacals, and Shiba Eternity. As of this report, Shibarium had a total value locked of about $2.63 million from a dozen decentralized exchanges.
As a result, Shiba Inu and its tokens led by Doge Killer (LEASH), and Bone ShibaSwap (BONE) are well positioned to rally further in the coming months. Notably, SHIB has nearly 1.4 million non-zero addresses that have facilitated the auto burn of 41 percent of coins. Meanwhile, SHIB price is down 21 percent in the past week to trade around $0.0000218.
Recommended for you:
Credit: Source link
