What Can We Expect from SHIB and DOGE’s Future Performance after the Bitcoin Halving?
Based on Current Estimates, It is Anticipated That the Halving Events Will Occur in Less Than Two Weeks
The upcoming Bitcoin halving, which is expected to occur in less than two weeks, is a built-in mechanism designed to slow down the creation of new BTC and extend the mining process for over a century.
When the production speed is reduced, while the demand for the asset remains the same or increases, its price should theoretically rise. This has been the case with the three previous BTC halvings, which have served as catalysts for upcoming bull runs not only for Bitcoin but for the entire market.
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During the current bull cycle, meme coins, particularly DOGE and SHIB, have been the primary drivers of growth, with other new ones emerging and quickly gaining investors’ attention.
The Likely Impact During the Bitcoin Halving
The halving event in Bitcoin blockchain protocols is expected to reduce the supply of newly-minted coins, which could lead to an increase in demand for the cryptocurrency. This potential surge in demand could then lead to a sustainable increase in Bitcoin’s price. In turn, the prices of other cryptocurrencies that often move in tandem with Bitcoin, such as SHIB and DOGE, could also potentially experience significant price spikes.
Dogecoin has been predicted to jump as high as $1 during this cycle, a five-fold increase from its current position. Meanwhile, the growing number of transactions on Shibarium and the increasing burn rate have been among the bullish developments for the Shiba Inu ecosystem.
SHIB predictions indicate a more modest 40% increase in the next few weeks and up to 300% in the following months.
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However, it’s important to note that the crypto market is volatile, and meme coins are known for even more significant price fluctuations, which should make investors cautious before investing.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
