Shiba Inu (SHIB) has shown impressive performance this year despite a recent downturn in the market. Despite an 8.1% correction in the weekly charts, this popular cryptocurrency, known for its dog-themed branding, has seen gains of 3.7% in the daily charts, 9.4% in the 14-day charts, and a remarkable increase of over 152% since April 2023.
The gains made by SHIB in 2024 are particularly noteworthy considering its lackluster performance in 2023. Moreover, there are indications that it may be poised for another rally later this month.
Could Shiba Inu (SHIB) reach a new all-time high?
According to Changelly, Shiba Inu (SHIB) is expected to continue its upward trajectory throughout April 2024. The platform forecasts that the asset will surpass its previous all-time high of $0.00008616, reaching $0.00009289 by April 30, 2024. Achieving this level from its current position would represent a growth of approximately 350%.
Changelly is not the only platform anticipating SHIB to reclaim its peak prices from 2021. CoinCodex predicts SHIB will reach $0.00009265 by May 1, 2024.
The positive outlook for Shiba Inu (SHIB) may be influenced by Bitcoin’s (BTC) upcoming halving event later this month. Halving events are often viewed as bullish as they decrease the supply of an asset. BTC’s halving could potentially trigger a broader market rally, resulting in many assets reaching new highs. However, there is also a possibility that SHIB’s price may consolidate or even decrease.
Moreover, reports suggest that the Shiba Inu (SHIB) development team is currently working on a new burn mechanism, which is rumored to potentially eliminate trillions of tokens annually. SHIB’s extensive supply has been a major factor limiting its price. However, if the team succeeds in reducing the token supply, it could lead to a sudden surge in the asset’s value.
