Bittime - The cryptocurrency world is abuzz with the meme coin trend, and Shiba Inu (SHIB) is one of the leaders. This article discusses factors that could push the SHIB price up 66% to $0.00006507 by July 2024, according to algorithm predictions.
Meme Coin Fever
Recently, there has been a significant price increase in the meme coin sector. Big players such as Dogecoin (DOGE), Floki Inu (FLOKI), Bonk (BONK), and Pepe Coin (PEPE) experienced fantastic price increases. There are several factors causing this trend:
- Overall Market Optimism: The stability of Bitcoin and the approval of a Bitcoin ETF in the United States increases investor confidence.
- Retail Investor Interest Increases Again: Individual investors are re-entering the crypto world, increasing demand.
- Acute Missing Out (FOMO): Trading speculation driven by FOMO further strengthens this trend.
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Shiba Inu Achievements and Momentum
SHIB has achieved several important milestones, namely entering the top 10 cryptocurrencies by market capitalization and surpassing established projects such as Avalanche (AVAX) and Polkadot (DOT). With a market capitalization exceeding $24 billion, SHIB is closing in on its closest competitor, Dogecoin.
This raises the possibility of a “flippening” in the future, where SHIB could outperform Dogecoin.
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Shibarium Impact
Shibarium, SHIB's layer-2 scaling solution launched in August 2023, is a significant driver of SHIB's momentum. Shibarium enables developers to build decentralized applications (dApps) that take advantage of lower costs and higher throughput, while still gaining the security of the Ethereum network.
This paves the way for rapidly growing ecosystems, such as DeFi protocols, Web3 gaming, NFT collectibles and more, all of which are supported by this new L2 network.
Also read : Memecoin plunges as Bitcoin price falls
High Shibarium Transactions
Despite initial challenges, Shibarium has been adopted quickly. More than 1.3 million wallets have been created and an active developer community has launched new tokens and smart contracts. More than 995 million transactions have been processed on this platform.
Bitcoin Halving: Potential Trigger (SHIB) Up or Down
Artificial intelligence-based price prediction models also consider the Bitcoin halving event in mid-April as a potential driving factor. Halving is an event that occurs approximately every 4 years, where the number of new Bitcoins issued as rewards to miners is reduced by 50%. Following are AI predictions regarding the price of Shiba Inu and Bitcoin Halving
This systematically slows down the rate of new Bitcoins coming into circulation, so supply becomes limited over time.
Historically, Bitcoin halvings are followed by significant price increases across the crypto market. When supply decreases, Bitcoin prices tend to rise. For example, after the halvings in 2016 and 2020, Bitcoin prices surged over 8,300% and 286% respectively in the following years.
If this trend continues in the 2024 halving, Bitcoin's price increase could trigger a major altcoin price increase like SHIB.
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Conclusion: A New Force in the World of Meme Coins
With a soaring market capitalization and exciting developments to come, Shiba Inu is poised to solidify its position as a dominant meme coin. The recent rise in popularity of meme coins, coupled with the ever-expanding SHIB ecosystem and the potential impact of the Bitcoin halving, paint a promising picture for SHIB's future growth. While reaching a price of $1 may seem unrealistic due to the huge number of SHIB coins, Shibarium's burning feature could play a role in the price increase in the future.
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT . To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime .
Monitor the price chart movements of Shiba Inu (SHIB) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read
Shiba Inu (SHIB): Getting to Know Competitor Memecoin Dogecoin
Shiba Inu (SHIB) Price Prediction 2024 - 2030, Can it Break $1?
Shiba Inu Sets Alarm Amid Soaring Bitcoin Market, Here's the Review
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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