Shiba Inu’s top executive is optimistic about the future of the crypto market, predicting a super cycle similar to the previous post-halving bullish sentiment. After breaking out from a bearish trend last month, Shiba Inu’s price is aiming to retest its all-time high in the coming weeks. However, the total cryptocurrency market cap has been experiencing a decline in recent days ahead of the highly anticipated fourth Bitcoin halving. Both Bitcoin and Ethereum prices have dropped about 3 percent in the past 24 hours, trading around $61,611 and $3,005 respectively.
Amidst the increased volatility, crypto traders are seeking refuge in stablecoins, as evidenced by the heightened daily average trading volume in this market. Interestingly, on-chain data from CryptoQuant reveals that Bitcoin whales have been accumulating more than 27k BTCs in the past few days, despite concerns about possible capitulation.
The impact of the upcoming Bitcoin halving is well-known, considering past events and the recent adoption of spot BTC ETFs by institutional investors. Lucie, a digital asset investor and marketing lead at Shiba Inu network, believes that the cryptocurrency market is still on track for a super cycle in the coming quarters. Lucie is confident that the market will experience a repetition of the major bull cycles witnessed in 2017 and 2021.
According to Lucie, Bitcoin price has already completed the re-accumulation phase after hitting the bear market bottom between $15k and $16k. If Bitcoin continues to follow the stock-to-flow model observed in the past, analysts predict that the flagship coin could easily reach $300k in this bull cycle. Furthermore, institutional investors are more involved in the Bitcoin and crypto industry in this cycle, compared to the previous cycle that was dominated by retail traders. Hong Kong’s approval of spot Bitcoin ETFs, following the United States’ lead, could potentially influence other countries, led by Singapore.
As for Shiba Inu and its ecosystem tokens, it is expected that their price will closely mirror Bitcoin’s price action and that of other crypto assets. Lucie believes that Shiba Inu’s price will eventually reach $0.1, driven by the growth of its ecosystem. The Shiba Inu network has expanded into a major web3 ecosystem, featuring Shibarium scaling solution, Shib The Metaverse, ShibaSwap, Shibacals, and Shiba Eternity. As of now, Shibarium has a total value locked of approximately $2.63 million from several decentralized exchanges.
With these developments, Shiba Inu and its tokens, including Doge Killer (LEASH) and Bone ShibaSwap (BONE), are well-positioned for further rallies in the coming months. Notably, SHIB boasts nearly 1.4 million non-zero addresses, contributing to the automatic burn of 41 percent of coins. However, SHIB’s price has declined by 21 percent in the past week, trading around $0.0000218.
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