Over the weekend, Bitcoin recovered from its recent dips and surged back above $65,000. Following suit, altcoins, including Shiba Inu (SHIB), also experienced gains.
The period preceding Bitcoin’s fourth halving witnessed considerable price fluctuations.
The price of Bitcoin plummeted from approximately $70,000 to around $61,000 within a short timeframe as a result of intensifying conflicts between Iran and Israel.
Despite this, Bitcoin managed to rebound, adding over $5,000 to its price within hours before the halving event.
After the halving event, Bitcoin has demonstrated remarkable resilience, managing to preserve its value around the $65,000 mark. With a substantial market capitalization of $1.3 trillion and a commanding dominance in the cryptocurrency sector, Bitcoin continues to be a formidable force within the digital asset landscape.
Underdog Steals the Limelight
The underdog cryptocurrency, Shiba Inu (SHIB), stole the limelight with an astounding 18% surge in value during the weekend market rally, leaving Bitcoin’s steady price of approximately $65,000 in its wake.
Altcoins have performed a lot better than BTC in the past 24 hours; and this is led by the second-largest meme coin – Shiba Inu (SHIB).
Other lower-cap meme coins – BONK, FLOKI, and PEPE – have also presented double-digit gains. Others such as Solana, Avalanche, Bitcoin Cash, Dogecoin, Chainlink, Polygon, and Polkadot are also well in the green, with gains of around 6-8%.
The impressive daily gain for Shiba Inu pushed its price beyond the notable resistance level of $0.000027, which had previously acted as a barrier to further growth.
This came shortly after the Shiba Inu team announced an important upgrade to Shibarium. Developers released a new user interface update that is compatible with popular self-custody wallets such as MetaMask, Trust Wallet, Coinbase Wallet, and others.
Apart from Shiba Inu, several other prominent altcoins, including Ethereum (ETH) and Binance Coin (BNB), registered noteworthy growth of approximately 4% during the weekend market surge.
The remarkable growth in the crypto market was evident as the total market capitalization recorded an impressive surge of more than $50 billion within a single day, reaching a new peak of over $2.5 trillion according to CoinGecko.
Shiba Inu Price Forecasts
According to several price predictions, Shiba Inu’s price will experience substantial growth in the coming weeks, potentially reaching a new high by the end of May – an increase of approximately 16% from its current level.
Shiba Inu’s price is projected to continue climbing in the upcoming months, with estimates suggesting it could reach as high as 0.00004261 by August and potentially peak at around 0.00004943 by September – a significant jump from its current price level.
Shiba Inu forecast for May 2024. In the beginning price at 0.00003152 dollars. High price 0.00003912, while low price 0.00002008. The averaged price 0.00003182. Shiba Inu price forecast at the end of the month 0.00003656, change for May 16.0%.
30rates.com
Although these price predictions for Shiba Inu do not constitute absolute certainties and must be considered with a healthy dose of caution, they hint at an enticing prospect for those considering investing in this cryptocurrency.
The current price level of Bitcoin, which hovers around $65,000, is expected to persist for some time, but investors should be prepared for potential price swings due to evolving market conditions.
It cannot be overstated enough that conducting thorough research and assessing potential risks are essential prerequisites before making any investment decisions in the dynamic crypto market.
The intricacies of the cryptocurrency market remain in a constant state of flux, as various factors continually influence price movements throughout each day.
According to various forecasts, Shiba Inu’s upward price trajectory is anticipated to continue in the coming months and years.