As a seasoned crypto investor with over a decade of experience in the digital asset market, I’ve seen my fair share of bull runs and bear markets. The recent price increase of Shiba Inu (SHIB) has caught my attention, but I remain cautiously optimistic about its potential future performance. While some analysts are predicting a breakout toward $0.000081 by the end of 2025, the required market capitalization seems implausible given Bitcoin’s current dominance. However, the rapid increase in SHIB’s burn rate is an encouraging sign that the project could be heading north in the near future.
TL;DR
- SHIB has seen a solid price increase recently, with analysts predicting major bull run in the following months. However, the token’s market cap should reach ridiculous levels for some of the forecast to see the light of day.
Pi Network extended its KYC and migration deadlines to November and December 2024, with the community awaiting an important roadmap in December.
BTC has been on an upward trend, reaching $64,500 before settling at $63,300, with analysts predicting a possible test of the $68,000 resistance and a new all-time high of $88,000-$90,000 by year-end.
Time for a SHIB Bull Run?
Shiba Inu (SHIB) has been leading the way in price gains over the past week, experiencing a rise of approximately 10%. At the moment, it is trading at around $0.00001472, and some analysts predict that its price might continue to rise.
One of the optimists is the X user, JAVON MARKS, who believes the recent resurgence could be a precursor of a breakout toward the target of $0.000081. According to the trader, this milestone could be reached before the end of 2025.
A different crypto supporter, known as ‘pepa’, also offered their thoughts. They suggested that Shiba Inu (SHIB) could potentially lose two zeros from its value due to the emergence of a particular triangular pattern on its price graph. It’s important to note that such a significant increase would necessitate the meme coin’s market capitalization to approximately reach $800 billion.
Currently, Bitcoin (BTC) is the sole cryptocurrency that exceeds that amount, making it improbable for the prediction to come true.
A significant development suggesting that Shiba Inu’s price might surge in the coming days is the rapid advancement of its token burning mechanism. In the past 24 hours, the burn rate has soared by approximately 800%, and it has increased by around 300% weekly. Data indicates that over 43 million tokens have been transferred to a null address in the last seven days.
The main objective of this program is to gradually decrease the large amount of SHIB in circulation, making it less common over time. This could increase its potential value if demand stays consistent or grows.
What’s New Around Pi Network?
Earlier this month, the Pi Network cryptocurrency project marked 2,000 days since its official debut on mobile devices. Yet, it continues to stir debate because there’s no definitive timeline for when a mainnet launch or native token might become available.
The team has informed users to complete Know-Your-Customer (KYC) verification by September 30, initially known as a “Grace Period.” However, the deadline has now been extended to November 30, 2024. Moreover, the date for users to transition to mainnet has also been pushed back to December 31 of this year.
The modification sparked discontent within the community as certain individuals argued that the prolonged wait indicates that the open mainnet may not be rolled out for quite some time.
All eyes are now on the Pi Core Team, which promised to unveil the mainnet open roadmap (which should allow the official buying and selling of Pi tokens) in December 2024.
What About BTC?
Over the last seven days, the value of the top cryptocurrency has been steadily increasing. It peaked at an impressive $64,500 before eventually leveling off at its present price of $63,300, according to information from CoinGecko.
The digital asset market’s advancement (along with its own) began swiftly following the US Federal Reserve’s announcement of their long-awaited shift, reducing interest rates by 0.5%. Many industry players have previously characterized this action as bullish, as it simplifies money-borrowing and might stimulate investors’ curiosity in riskier assets like cryptocurrencies.
Numerous experts believe that Bitcoin’s rally is far from over, as analyst Mags predicts that the asset might soon enter a “conviction” phase, which typically coincides with a prolonged period of price increase.
Captain Faibik also expressed optimism, suggesting that Bitcoin could challenge the “significant resistance level” of around $68,000 this week. The analyst even forecasted a surge towards a new record high of between $88,000 and $90,000 by the close of December.
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2024-09-23 10:55