The CEO of Shiba Inu, a popular cryptocurrency, believes that the crypto market is poised for a significant upswing, similar to the bullish sentiment seen after previous halving events.
Following a recent breakout from a bearish trend, the price of Shiba Inu is aiming to retest its all-time high in the coming weeks.
In the days leading up to the highly anticipated fourth Bitcoin halving, the total cryptocurrency market cap has experienced a decline. Bitcoin and Ethereum prices have both dropped around 3% in the past 24 hours, with Bitcoin trading at around $61,611 and Ethereum at $3,005.
Due to increased volatility, many crypto traders have sought refuge in stablecoins, as evidenced by the heightened daily average trading volume in this market. However, data from CryptoQuant shows that despite concerns of possible capitulation, Bitcoin whales have accumulated over 27,000 BTC in the past few days.
The impact of the upcoming Bitcoin halving is already well-known, based on previous 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 despite the short-term uncertainty in Bitcoin price, the crypto industry is still on track for a major upswing in the coming months. Lucie is confident that the cryptocurrency market will experience a repeat of the significant bull cycles seen in 2017 and 2021.
According to Lucie, Bitcoin price has already completed the re-accumulation phase after reaching a low point of $15,000 to $16,000 during the bear market. If Bitcoin continues to follow the stock-to-flow model observed in the past, analysts predict that its price could easily reach $300,000 in this bull cycle.
This bull cycle is different from previous ones, as it involves more institutional investors rather than just retail traders. Hong Kong recently joined the United States in approving spot Bitcoin ETFs, which could influence other countries, such as Singapore, to follow suit.
The price of Shiba Inu closely mirrors the price action of Bitcoin and 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, with various projects such as Shibarium scaling solution, Shib The Metaverse, ShibaSwap, Shibacals, and Shiba Eternity. Shibarium currently has a total value locked of approximately $2.63 million from several decentralized exchanges.
As a result, Shiba Inu and its associated tokens, including Doge Killer (LEASH) and Bone ShibaSwap (BONE), are well-positioned for further growth in the coming months. SHIB, the native token of Shiba Inu, has nearly 1.4 million non-zero addresses and has seen 41% of its coins burned through automatic mechanisms. Currently, SHIB is trading at around $0.0000218, down 21% in the past week.
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